BTCS Inc. Integrates with Forta to Construct Compliant Ethereum Blocks
May 29 2024 - 7:45AM
BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain
technology-focused company, and the Forta Network, which provides
AI-powered threat detection and prevention for blockchains and
applications are excited to announce an integration aimed at
bolstering blockchain regulatory compliance.
In January 2024, BTCS introduced Builder+, an
Ethereum block builder. Builder+ utilizes advanced algorithms to
maximize validator revenue by constructing optimized blocks for
on-chain validation. BTCS believes Builder+ should enhance its
Ethereum blockchain infrastructure and create opportunities for new
growth.
BTCS has incorporated Forta’s AI-powered threat
intelligence into Builder+, its Ethereum block-building operations.
This sophisticated intelligence extends beyond merely screening
wallet addresses on the OFAC Specially Designated Nationals (“SDN”)
list but also screens certain other tangentially connected or
associated wallet addresses to enhance compliance and the detection
of suspicious activities during the block construction phase.
Forta’s threat intelligence provides early
warning alerts about potential smart contract exploits. The tool
uses multiple signals to identify potentially malicious smart
contracts, including monitoring suspicious funding sources like
Tornado Cash. By tracking all Tornado Cash deposits and withdrawals
and integrating these with other data, it’s possible to assess the
nature of a smart contract. For BTCS, this threat intelligence is
adapted for use in its block-building process to ensure certain
wallet addresses are omitted from blocks constructed by Builder+,
thus creating “compliant blocks.”
Charles Allen, CEO of BTCS, added, “As a
publicly traded company, we are dedicated to adhering to the
highest standards of compliance. Integrating Forta into Builder+
represents a significant milestone in our ongoing efforts to ensure
our blockchain operations are as compliant as possible.” Allen
continued “We also anticipate that this may serve as a competitive
advantage, encouraging more participants and institutions who are
concerned about compliance to engage with our Ethereum builder,
Builder+.”
Andy Beal, Ecosystem Lead at the Forta
Foundation, stated, “The Forta Foundation has championed
transaction screening as a viable risk management technique.
Although it may take time for the industry to fully adopt this
approach, BTCS is certainly at the forefront of compliant block
construction.”
About BTCS:
BTCS Inc. is a Nasdaq listed company operating
in the blockchain technology sector since 2014 and is one of the
only U.S. publicly traded companies with a primary focus on
proof-of-stake blockchain infrastructure. Our core focus is on
driving scalable growth through a diverse range of business streams
leveraging and built on top of our core and proven blockchain
infrastructure operations. BTCS secures and operates validator
nodes on cutting-edge blockchain networks that power Web 3, earning
native token rewards by staking our proof-of-stake crypto assets,
with an emphasis on Ethereum. Our innovative “StakeSeeker” platform
empowers crypto holders with an analytics-focused cryptocurrency
dashboard. It also offers a non-custodial Staking-as-a-Service
solution, enabling users to earn staking rewards, while BTCS earns
a percentage of token holders’ rewards, creating the potential for
scalable revenue with limited additional costs. We’ve also
introduced “Builder+”, an Ethereum block builder. This technology
leverages advanced algorithms to maximize profit through optimized
block construction. Builder+ creates opportunities for new scalable
revenue streams by being utilized by third-party nodes. For more
information visit: www.btcs.com.
About Forta Network:
Forta is a decentralized network for exploit and
threat detection and prevention for blockchain applications and end
users. Using a combination of machine learning and heuristics,
hundreds of Forta bots are monitoring blockchain transaction
activity in real-time. Forta’s flagship product, the Attack
Detector, provides early-warning alerts about smart contract
exploits and is used by 20+ DeFi protocols. Forta has emerged as
the largest provider of threat intel in Web3, providing data to
wallets, exchanges, DeFi, compliance companies, and other security
tools.
Forward-Looking Statements:
Certain statements in this press release,
constitute “forward-looking statements” within the meaning of the
federal securities laws including statements regarding the
opportunities Builder+ will create including new growth for the
Company and competitive advantage from integrating Forta. . Words
such as “may,” “might,” “will,” “should,” “believe,” “expect,”
“anticipate,” “estimate,” “continue,” “predict,” “forecast,”
“project,” “plan,” “intend” or similar expressions, or statements
regarding intent, belief, or current expectations, are
forward-looking statements. While the Company believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to us on the date of this release.
These forward-looking statements are based upon assumptions and are
subject to various risks and uncertainties, including without
limitation regulatory issues, unexpected issues with Builder+
and/or Forta, , and the reluctance of validators to try or utilize
our Builder+ product, as well as risks set forth in the Company’s
filings with the Securities and Exchange Commission including its
Form 10-K for the year ended December 31, 2023 which was filed on
March 21, 2024. Thus, actual results could be materially different.
The Company expressly disclaims any obligation to update or alter
statements, whether as a result of new information, future events
or otherwise, except as required by law.
For further information, please contact:
For BTCS Inc.:Investor Relationsir@btcs.com
For Forta:Juan Garre, Head of
Operations juan@forta.org
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