Blockaid, a leading security provider in the Web3 space, has recently announced a partnership with the Sui Foundation to enhance the security of the Sui ecosystem. This collaboration aims to protect Sui wallets and respond to potential threats such as smart contract exploits, offchain attacks, and operational faults.

The Sui Foundation is dedicated to supporting the growth of Sui, a layer-1 blockchain that was launched in May 2023. The main goal of Sui is to create a decentralized network that can handle a high volume of transactions with minimal delay. According to a recent blog post, the total number of accounts on the Sui blockchain has reached 67.3 million in 2024, and the total value locked on the network is currently at $1.1 billion.

As a trusted security partner in the Web3 space, Blockaid has been providing security tools to top clients such as Stellar, Avalanche, and Coinbase. In November 2024, Blockaid partnered with Backpack to prevent potential losses of $26.6 million from decentralized finance attacks on Solana.

The Sui network has recently been targeted by malicious actors, resulting in a $29 million loss for a user. This incident highlights the importance of having strong security measures in place. In response, Sui has issued a $500,000 bounty to blockchain security firm CertiK for discovering potential threats to the network.

While the Sui programming language, Move, is designed to prevent common smart contract vulnerabilities, there is still a need for coding audits to ensure the security of the network. According to blockchain security firm SlowMist, developers must pay attention to business logic security to avoid potential asset loss due to coding errors or improper design.

In conclusion, the partnership between Blockaid and the Sui Foundation is a significant step towards enhancing the security of the Sui ecosystem. With the increasing number of threats in the Web3 space, it is crucial for blockchain projects to prioritize security measures to protect their users and assets.