The partnership between Ironblocks, an industry leader in Web3 cybersecurity, and Fuse network, resulted in the effective identification and aversion of a critical breach attempt on the Fuse Bridge on the 24th of August, 2023.
The hacker attempted to exploit the bridge by initiating a frontrun transaction that relayed the Ethereum-Fuse interchange five separate times, amounting to roughly $1.5M in USDC tokens.
Despite the attempts, however, Fuse took all necessary security precautions, which allowed Ironblocks’ system to flag these activities in real time and enable immediate corrective action. Fuse Network, which offers an accessible avenue for businesses to venture into digital payments using blockchain technology, managed to successfully avoid a major breach.
“We’ve overseen the successful completion of over 100 million transactions and recognize the importance of proactive cybersecurity measures in the dynamic digital landscape. Moreover, we are committed to keeping our users safe and the partnership installs trust with the Fuse community at a time when hacks and exploits are daily headlines,” says Mark Smargon, CEO of Fuse.
Attack Synopsis & Timely Response
The hacker tried to manipulate the delay in transaction confirmations across networks in an attempt to exploit a potential block drop. Ironblocks’ software instantly detected this anomaly, which signalled the Fuse team to conduct an in-depth review and initiate necessary precautions.
Since the breach attempt, necessary amendments have been made to the Fuse system to enhance security, such as the recent bridge transition to LayerZero. This new protocol supports multiple chains, solves the challenge of interoperability, and is fully equipped with the Ironblocks security system.
“Our primary objective at Ironblocks has always been to safeguard the integrity of the Web3 space. We’re glad to partner with a company like Fuse that has such a strong commitment to the highest security standards,” says Or Dadosh, CEO of Ironblocks.
Ironblocks was founded by Or Dadosh and Assaf Eli in the wake of a significant security breach at their previous work at Bancor. Ironblocks addresses a gaping need in Web3 security. While the majority of current solutions emphasise post-transaction execution, akin to fire alarms ringing after the blaze has started, Ironblocks innovates with its prevention-first approach. This unique system, grounded in AI, meticulously assesses every transaction from initiation, eliminating suspicious activities before finalisation. Designed in collaboration with the industry’s elite security providers, Ironblocks aims to standardise its technology through an expansive network effect. Supported by top-tier investors like Collider, ParaFi, Samsung Next, and Disruptive AI, Ironblocks team of 15 members comprises leading cyber and blockchain specialists. The company’s business model is based on a pay-as-you-go system, which grants the company’s clients maximum financial efficiency while not compromising on results and technological capabilities. As the decentralised financial sector evolves and regulatory landscapes shift favourably, Ironblocks stands as a sentinel, ensuring security and enabling the growth and transition to the next era of global finance.
In alignment with their continued commitment to cybersecurity excellence, going forward, Ironblocks is working to introduce faster issue identification strategies and amplify their alert systems for an even more fortified Web3 space.
About Ironblocks: Ironblocks is a pioneering Web3 cybersecurity firm renowned for its advanced threat detection and prevention solutions. Founded by CEO Or Dadosh and CTO Assaf Eli, previously core team members at Bancor, Ironblocks is committed to ensuring a safer digital future and securing the decentralized web.
About Fuse Network: Fuse Network is positioned at the forefront of digital payment solutions, enabling businesses to harness the power of blockchain through seamless transaction experiences that mirror traditional financial systems. With a strong emphasis on user-friendly interfaces, Fuse is redefining the way the world perceives and interacts with blockchain technology.
