Stellar Lumens Gandeng Blockaid, Strengthen Digital Security

Stellar Lumens, a blockchain-based payment platform. (Photo; Doc. Crypto Economy)

JAKARTA - Stellar Lumens (XLM), a payment sector-focused blockchain platform, has begun strengthening the security of its ecosystem by cooperating with Web3 security firm Blockaid. Through an announcement on October 17, Stellar announced that it will integrate Blockaid's On-chain Detection and Response (ODR) technology into the Lobstr and Freighter wallet app. This technology provides real-time threat monitoring capabilities as well as a quick response to its users.

This collaboration is an important step for Stellar in dealing with security threats that often occur in the blockchain world. Blockaid ODR technology works like an antiviral for Web3 applications, warning users when there are suspicious transactions or malicious indications. With this technology, users can be more alert to risks that could jeopardize the security of their digital assets.

Blockaid CEO, Ido Ben Natan, stated that this collaboration is a major change in efforts to fight fraud and hacking that are rampant in the crypto industry. In the first six months of 2024 alone, hackers managed to steal around $1.38 billion, sparking concerns among industry players and strengthening the need for a more sophisticated security system.

Blockaid itself has scanned more than 4.5 billion transactions and managed to prevent more than 100 million attacks on major crypto platforms such as Coinbase and 1inch, with potential losses to be prevented from reaching $4 billion. With Stellar joining Blockaid's list of partners, the blockchain security ecosystem is getting stronger and providing better protection to users.

Stellar, known for its Federated Byzantine Agreement (FBA) consensus algorithm for financial transactions, continues to strive to increase efficiency and security for its users. This collaboration is one of the concrete steps in strengthening Stellar's security infrastructure amid the growing threat of hacking.