Eleos Labs, a Singapore-headquartered Web3 cybersecurity startup, has partnered with GrabDefence, a proprietary anti-fraud software as a service (SaaS) solution from Southeast Asian superapp Grab, to offer anti-theft and fraud detection solutions to Polygon.
Eleos Labs said in a statement on Thursday that the firm is integrating its FailSafe suite of anti-theft and fraud detection systems to the Polygon network to make blockchain investments safer.
Eleos Labs is leveraging GrabDefence experience dealing with cybercriminals and money laundering syndicates in Web2 to deploy battle-tested services that protect users from stolen private keys, smart contract hacks, and exploited unlimited ERC-20 approvals.
“Web3 is at an inflection point as it evolves from an experimental frontier for the early adopters to a space that welcomes anyone, regardless of their level of experience or technical skill,
“Security is an indispensable component of the kind of user experience that gets us to mass adoptions, with tools like FailSafe paving the way forward,” said Urvit Goel, Vice President and Head of Global Business Development at Polygon Labs.
According to the statement, the “not your keys, not your crypto” ethos prevalent in Web3 is a double-edged sword when it comes to security.
Cited Crypto Crime Report by Chainalysis, it said Last year saw $3.8 billion of crypto lost to theft and another $5.9 billion to scams.
“Because the great power of self-custodying one’s own assets comes with an equally great responsibility, every bit of help counts when it comes to being safe online,” said the statement.
It is noted that FailSafe is designed to ensure that digital assets owned by platforms and their end users are protected against malicious attacks.
The solution adopts a defense-in-depth approach that secures assets through multiple layers of security: real-time detection of security risks, reduction of attack surface area and interception of malicious transactions.
When a threat is detected, FailSafe swiftly intercepts malicious transactions and ensures assets are moved to safety.
“The lack of practical and effective security solutions is one of the greatest obstacles to the mass adoption of Web3,
“Just like how the Internet evolved into becoming a safer place over the last three decades, Web3 too has to go through that journey. We’re excited to be part of the pioneers that will accelerate that future,” said Foo Wui Ngiap, Eleos Labs’ Group Advisor.
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