Introducing ChainPatrol: Real-Time Security for Web3 Communities

In December 2022, we closed a pre-seed round of funding, enabling us to build ChainPatrol.

ChainPatrol’s investors include:

• Cherry Ventures
• Coinbase Ventures
• a16z Crypto Startup School
• Strategic Angels in the Web3 Industry

What is ChainPatrol?

A security platform for the next generation of Web3 Companies.

We help protect communities from malicious threats with Off-Chain Monitoring. ChainPatrol sends your scam reports directly to crypto wallets to stop fraudulent transactions as they happen.

Web3 can’t keep up with hackers – There are thousands of new scams daily.

• People are getting scammed in the Web3 community, every day.
• We believe this fear is preventing adoption from users who can benefit from decentralization.
• Community members are targeted by social scams, and reporting is fragmented across Discords, Twitter, GitHub repos, and internal tools.
• Blocklists used by apps to protect users are not being updated fast enough to keep up with hackers.

Scams are rampant in the Bull and Bear Cycles

How ChainPatrol Started

ETH NYC Hackathon and BurnMyWallet

We saw ETHNewYork as the perfect opportunity to launch and test our first ideas.

Born from this, was BurnMyWallet, a way to report a stolen Seed Phrase on-chain using a soul-bound token.

When your Seed Phrase is stolen, even though your funds are gone your wallet still has a lot of value. Your wallet could be part of a multi-sig, or it has incoming payroll, or locked-up tokens. By burning your wallet you signal to all on-chain and off-chain connections that this wallet is compromised and should no longer be used. We built a sample integration with XMTP chat app to have incoming messages flagged when they come from a hacked wallet.

Only people who have access to the seed phrase can burn their own wallets. The wallet being burned is then verifiable by contracts on-chain and by off-chain apps.

If you’d like to learn more about BurnMyWallet at ETHNewYork, click the link to watch our pitch.

Nikita and Erin (Coinbase) pitching live at ETH Global Hackathon, New York, 2022.

We won 🥳🎉🪅

1 of 9 recognized winners in a participant pool of 300 teams. This recognition generated interest from builders and investors that attended the event, motivating the start of a pre-seed fundraise.

Starting the Fundraise, ETHCC Paris, DevCon VI

With the momentum of winning ETH NYC, it became evident that there was both a clear problem and an appetite for solutions. ChainPatrol set sail to ETHCC in Paris, France to meet interested investors, community leaders, and angel investors keen to learn more about Nikita’s vision for security in Web3.

Many of these people were instrumental in ChainPatrol.io kicking off at the Ethereum Foundation’s DevCon VI, hosted in Colombia Bogota.

DevCon VI Highlights

• Schelling Point
• ETH LATAM
• Avalanche Launch House
• BNB Smart Chain Event
• ConsenSys Connect 2022

With our presence at DevCon, the ChainPatrol team formed new insights, connections, and a preliminary pipeline of potential clients to provide enhanced off-chain security.

We met a lot of amazing innovators and builders at DevCon. This is one of our favorite memories after @TayVano’s (Metamask) Security Session at the Mountain Top at The Agora Convention Centre.

BETA – We’re Live!

• In less than 60 days, ChainPatrol is already in action with a live BETA program serving a range of L1’s, L2’s, and DeFi.
• The Team has received early testimonials of support from DeFi platforms: Cow Swap, ZetaChain and Morpho, highlighting the ease of reporting and blocking malicious threats.
• If you’re a Web3 project looking to strengthen your security and community protection, connect with us at ChainPatrol.io
• We are also excited to announce our first set of Wallet Partnerships in 2023. Stay tuned!

Top DeFi projects, Morpho and Cow.fi , communities recognizing immediate value from verified security

What’s Next?

• ChainPatrol is actively building and refining our road map to best serve our early customers.
• We’ll share more about automating attack detection, and new security mechanisms for web3.
• ChainPatrol is happy to announce we are participating in a16z Crypto Startup School
• Follow updates from the Program on Twitter @a16zcrypto

Stay Connected

• ChainPatrol will operate a regular blog series about our company, industry, and opportunities to collaborate.
• Follow us on Twitter @ChainPatrol to stay up-to-date with the latest blog posts.