Blockaid says it caused crypto drainer to shut down, defends against claims of 'false positives'

The team defended itself against claims of excessive false positives, suggesting it was so effective that it caused a crypto drainer to give up in frustration.

Blockaid’s Web3 security platform has caused at least one crypto drainer to shut down in frustration, according to an April 25 X post by the service provider. Blockaid also defended itself against claims that it has too many “false positives,” stating that a service with zero false positives will always allow some malicious apps to drain users’ funds.

Blockaid is a developer of security software that attempts to recognize malicious smart contracts on Ethereum Virtual Machine (EVM) networks, including Ethereum, BNB Chain, Polygon, Arbitrum, and others. It is integrated into multiple wallets and apps, including MetaMask, Coinbase wallet, Open Sea, Zerion, and others. When users attempt to transact with a contract that Blockaid identifies as malicious, these wallets and apps warn users that their funds may be drained if they interact with it.

Blockaid posted an image showing a purported announcement from a crypto drainer service that had been used in the past to steal crypto. The announcement claimed that “[W]e have shut down because of Blockaid and the low hit-success rate.” The crypto drainer team suggested that thieves should stop using networks that are popular with Blockaid users, as they’re just not profitable anymore. “I suggest draining on the Bitcoin network or maybe using a SOL drainer with the blowfish bypass,” the drainer team stated. Blockaid’s software is currently not compatible with the Solana and Bitcoin networks.