- Crypto transfers are a risk for users.
- GoPlus’ USM integrates Neo X for security.
- Risks include phishing, hijacking, and more.
Blockchain tech offers users a permissionless way to send crypto to each other. This means that users can interact with each other without intermediaries. However, while this has benefits, there are also major risks involved.
In crypto transactions, users cannot get their money back if they become victims of fraud. To mitigate this issue, Neo, often called the Chinese Ethereum, partnered with GoPlus to offer enhanced security features for crypto transfers.
Neo X and GoPlus Block Suspicious Transactions
Transaction safety is a top concern for crypto users. This is why, on Thursday, September 12, the Neo X sidechain announced its partnership with a security protocol, GoPlus. This partnership makes it the first blockchain to adopt GoPlus’ Security Module (USM) at the node level.
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The User Security Module operates as a firewall within Neo X’s system. When users initiate transactions, the USM automatically checks them against GoPlus’ security protocols. These protocols use advanced AI algorithms to generate a risk assessment, which allows them to flag and block suspicious or harmful transactions in real-time.
John Wang, Head of Eco-Growth at Neo, welcomed this partnership. “Combined with our upcoming anti-MEV feature, Neo X users will experience unprecedented levels of security and fairness on our chain,” he expressed.
What Are the Risks in Crypto Transfers?
While blockchain transactions offer the benefits of transparency and security, they also have significant risks. These include phishing, malicious smart contracts, transaction hijacking, and more.
- Phishing Attacks: This relatively straightforward attack remains one of the most common. Malicious actors trick users by pretending to be a legitimate business or entity. Once the user transfers the funds, these are lost forever.
- Malicious Smart Contracts: Smart contracts can have code that allows unauthorized access to a user’s wallet. Users interacting with these contacts can lose all the crypto in their wallets.
- Transaction Hijacking: Attackers can also intercept a transaction between two parties. This “man-in-the-middle attack” can modify transactions and redirect the funds, robbing its users.
These are just some of the risks of blockchain transfers that Neo X and GoPlus can intercept with their firewall. By flagging these transactions early, they can protect users against losses.
On the Flipside
- Neo is also working on combatting MEV bots that front-run user transactions, with the help of unscrupulous validators. These bots have become a major issue for Solana users, where validators battle with declining revenues.
- Neo has recently seen a resurgence as China signals a more relaxed approach to crypto.
Why This Matters
Security is a top priority for crypto users, which means that advanced security features are key to attracting more users to the crypto space.
Read more about staying safe from phishing attacks:
How to Stay Safe From Phishing in Crypto Mailing List Hack
Read more about the safety of AI-generated apps:
Are One-Click AI dApps Safe? Solana-based Dappslap Raises Questions
