- Blockaid partners with the Sui Foundation to enhance security after recent attacks.
- A breach on January 26 resulted in a US$29M loss, with tracking hampered by limited explorer capabilities.
- The collaboration aims to secure wallets, patch smart contract vulnerabilities, and boost threat tracking; Sui, launched in May 2023, saw its TVL drop from US$2B to US$1.1B.
Security firm Blockaid is teaming up with the Sui Foundation, the independent organisation overseeing the development of the high-performance blockchain Sui Network (SUI).
The partnership seeks to heighten the security of the Sui ecosystem, as users have reported security issues after recent attacks.
For instance, on January 26, a significant breach resulted in a US$29M (AU$45M) loss for one user, with stolen funds being obscured through Tornado Cash (TORN). Moreover, the limited capabilities of Sui’s blockchain explorer and analytics tools made it almost impossible to track the funds.
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A Sense of Urgency for Security
As per the blog post, the collaboration will see Blockaid implementing measures to safeguard Sui wallets and address potential vulnerabilities in smart contracts, specifically those that could result in exploits, operational errors and general on-chain and off-chain threats.
Moreover, the security firm will also lend Sui Network more resources to track threat actors targeting its ecosystem, allowing the network to stop them before they strike.
The Sui blockchain, launched in May 2023, is designed as a high-performance layer-1 network capable of processing large transaction volumes with minimal delays.
According to the Sui Foundation’s December 2024 report, the network had reached 67.3M accounts in 2024. Fast-forward to today, it’s unclear how much that number has changed, but its total value locked fell from US$2B (AU$3.16B) in early January to US$1.1B (AU$1.74B) at the time of writing, as per data from DefiLlama.
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