Rising Theft Threatens Mass Crypto Adoption

The increasing rate of crypto theft is posing a significant threat to the industry, and the consequences are alarming. The Chainalysis 2023 Crypto Crime Report reveals that the total revenue generated from crypto scams since 2017 has exceeded a whopping $37 billion, with over $16 billion of that amount collected in the last two years alone. The average yearly revenue loss due to crypto theft over the last six years stands at a staggering $6 billion, indicating a 22.5% year-on-year increase. This trend highlights the urgent need for enhanced security measures to tackle the growing threat of scams, as more people enter the cryptocurrency market. However, it's not just scams; cybercriminals also utilize malware, phishing, and other malicious tactics to carry out crypto theft. This trend is concerning for the crypto and NFT community, putting their reputation at risk and exposing their community to the dangers of theft. If this trend continues, it could result in a catastrophic impact on the adoption of DeFi and cryptocurrency on a global scale.

Social Engineering & Phishing Attacks Plague Web3

For more than two decades, phishing attacks have posed a persistent and pervasive threat to online security, with billions of dollars spent trying to thwart them. In Web3, however, the threat is even more significant, with a single click potentially leading to the draining of their entire wallet and loss of digital assets. To put it into perspective, Phishing, identified by IBM as one of the leading attack vectors in cybercrime, accounted for 16% of such incidents. On average, breaches resulting from phishing cost $4.91 million. With the switch to Web3 and users handling their own funds, there must be more awareness on how to stay safe. If these phishing scams succeed with employees who have cybersecurity measures in place, they will succeed at phishing individuals who are new to it.

When it comes to the security problems facing Web2 and Web3 users, the most prevalent issues center around social engineering. Social engineering is the act of tricking someone into giving up some valuable information, and in the online world, this often means convincing users to click on a link, reset a password, or sign a contract for an airdrop before time runs out. Attackers use a variety of methods to achieve this, including phishing attacks, malware infections, and scams that take advantage of the hype surrounding cryptocurrency and Web3 technologies. These attacks can lead to the theft of personal information, login credentials, and funds, as well as weak or compromised private keys and vulnerable accounts. Victims of such attacks typically have little to no recourse for recovering their funds, making the consequences even more dire. With this in mind, it's vital for users to be vigilant and take proactive steps to safeguard their assets, including using robust security measures and remaining vigilant when it comes to suspicious links or unsolicited messages.

The Browser is the New OS

Browsers have increasingly become the new operating systems due to the rapid growth of web-based applications and cloud services. This shift has been fueled by the widespread adoption of software as a service (SaaS) and the increasing reliance on the internet for both personal and professional tasks. As the browser takes center stage as the new OS, it is essential to recognize the sheer number of people relying on browsers for various activities. According to Statista, there were over 5 billion internet users worldwide as of 2023, with most using browsers as their primary means of accessing and managing online resources.

This massive user base makes the browser a prime target for cybercriminals seeking to exploit vulnerabilities and steal valuable information. Companies are not immune to the risks associated with the growing prominence of browsers as the new operating systems. Employees often rely on browsers for a variety of work-related tasks, such as accessing cloud services, collaborating on documents, and communicating with colleagues. This widespread reliance on browsers in the workplace makes organizations more susceptible to cyber threats that can compromise sensitive data and disrupt business operations. By prioritizing browser security, individuals and companies can protect their valuable assets and ensure a safer online environment for their employees.

Threat Intelligence is Siloed

The problem of threat intelligence being siloed is a major industry problem that has significant consequences for security in the Web3 ecosystem. Typically, threat intelligence is closely guarded by companies in order to gain a competitive advantage over others. However, this approach can limit the effectiveness of security measures since the same data is needed to power the security tools that everyone relies on. Using blockchain powered by Web3 communities, there is an opportunity to gather communities of individuals who are willing to collaborate and share their threat intelligence data.

By incentivizing this collaboration, it's possible to create a much more robust and diverse dataset that is more effective at addressing the unique security challenges of the decentralized Web3 world. This type of collaboration and data sharing was not possible prior to Web3 due to the lack of incentives and mechanisms for collaboration. However, with the emergence of blockchain technology, it's now possible to create a system where individuals are rewarded for their contributions to the security of the network. This can lead to a more effective and collaborative approach to security in Web3, helping to address the ongoing challenges posed by social engineering and other security threats.

Community-Driven Security Powered by Web3

By harnessing the power of online communities, we can crowd source threat intelligence in a secure and anonymous manner through blockchain technology, thus creating a safer internet for all. Interlock is dedicated to providing users with enterprise-grade security and incentivizing them to share security data with the Interlock Network. With blockchain, we can bring together individuals and enterprises to collaborate on threat intelligence and utilize the data they generate to create a more comprehensive threat intelligence dataset. This type of collaboration was not possible before Web3 due to the lack of incentive and coordination.

AI Threat Detection + Crowdsourced Threat Intel = Better Security

Interlock's browser security extension, fueled by the native utility token $ILOCK, protects users from online threats like phishing, scams, and bad downloads. AI-based threat detection enables the extension to detect novel scams and never-before-seen phishing sites, crucial in protecting people, especially in the crypto and Web3 space. Interlock's future blockchain-based version adds a human element to improve security, where users can inform Interlock about potentially dangerous sites and get rewarded with $ILOCK. This incentivized security approach creates a stronger network, product, and safer internet for everyone. AI and human interaction together create smarter security products, preventing zero-day attacks and improving the overall security of the internet.

The Technology: AI Threat Detection Powers Our Products

AI Threat Detection allows our products to detect novel scams and never-before-seen phishing sites, which is crucial in protecting people from scam sites, especially in the crypto and Web3 space. As new products come into the market, so do new phishing sites that try to drain wallets or steal funds. With our AI, instead of simply blocking known blacklisted sites, it will also allow for the blocking of new ones. The prevention of zero-day attacks is crucial in battling newly-introduced scams. The system is trained on a dataset of known good and known bad websites and uses this training data to make predictions about new websites it encounters.

It uses feature selection to identify key characteristics of a website that may indicate if it is malicious or not. Additionally, it also uses information from various sources, such as safe browsing lists, to make its predictions and protect users from new, unseen malicious websites. ThreatSlayer, our advanced browser security extension, has been trained on extensive datasets of known crypto scams, phishing links, dangerous URLs, malware, and more to ensure a robust line of defense against cyber threats. As part of our commitment to transparency and fostering community-driven improvements, ThreatSlayer's code is open-source. You can access and contribute to our codebase on GitHub, which encourages collaboration and continuous enhancement of our cybersecurity solution.

ThreatSlayer

Free Security Product+ $ILOCK Rewards (coming soon)

ThreatSlayer will reward users $ILOCK for sharing anonymized security data. Think “browse-to-earn”, but with the added benefits of free security to keep you safe online. By passively sharing security data, ThreatSlayer users contribute to enhancing the network and product's overall safety. In doing so, they help lay the groundwork for Interlock's revenue-generating threat intelligence and B2B software business,

Coming soon, ThreatSlayer users will be able flag pages that we misclassify. Users will stake $ILOCK on these misclassfiied sites, earning for accurate submissions, while losing tokens for wrong or malicious submissions. This additional crowdsourcing security layer enhances product efficacy, while making the AI Threat Detection smarter.

You can add ThreatSlayer to Chrome, Brave, Edge or Opera browsers and it runs quietly in the background, scanning every website you visit. If it detects something suspicious, it'll lock down your browser and prevent you from giving away your credentials or downloading dangerous files.

How it Works

ThreatSlayer is compatible with Chrome, Brave, Opera and Edge browsers. Installation takes one click and it instantly starts scanning every website a user visits. When a user visits a potentially dangerous URL, ThreatSlayer locks down the page before the user enters credentials or downloads dangerous files.ThreatSlayer uses our core technology, AI Threat Detection to identify characteristics of malicious websites. As a proactive security solution, ThreatSlayer protects users before issues arise, and its simple one-click installation process further enhances its appeal.

Enterprise Products

In the second phase, Interlock will focus on monetizing the crowd-sourced threat intel from ThreatSlayer users along with a suite of cybersecurity products. The Threat intel amounted to $11.6 billion in 2021 and is expected to climb up to $15.8 billion by 2026. This phase is designed to capitalize on the increasing value of data and security provided by our growing community. Our enterprise-focused product suite will consist of three core offerings.

NetKeeper:

The enterprise version of ThreatSlayer, which includes advanced reporting, analytics, and features to enhance customer contract value and attract new clients for our browser security platform. This product targets the $14 billion per year browser defense market.

Threat Intelligence Platform:

Introducing Interlock Labs, a solution that leverages anonymized security data from ThreatSlayer users to help enterprises improve their cybersecurity posture. This offering addresses the $10 billion per year threat intelligence market and facilitates the licensing of Interlock threat intel solutions to Fortune 500 customers that are transitioning from centralized to decentralized security. Think of crowdsourcing cybersecurity for Web3 – with compensation.

Autocrat:

Our AI Threat Detection in API format automatically scans links and flags the dangerous ones. Autocrat users will use tokens as a gas fee for URL scanning. A portion of the revenue generated from these enterprise offerings will be used for token buybacks, while the shared data from both consumer users and enterprises will create a collaborative environment for enhanced security. This collaboration will result in safer products for everyone involved.