UBIT

Polygon

Read

FOMO

Singapore-based web3 cybersecurity startup <a href="https://www.blockhead.co/tag/eleos-labs/">Eleos Labs</a> is bringing its Failsafe fraud detection systems to <a href="blockhead.co/tag/polygon">Polygon.</a>
The new pilot program is a collaboration with Grab's anti-fraud SaaS solution GrabDefence, and leverages on Eleos Labs' experience in dealing with cyber criminals and money launderers. Such criminals include Web2 participants who deploy battle-tested services that protect users from stolen private keys, smart contract hacks.
"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, VP, Head of Global Business Development at Polygon Labs. 
$3.8 billion in crypto was stolen in 2022, whilst $5.9 was lost to scams. Self custody places great responsibility on the user to secure their assets. FailSafe is designed to ensure that digital assets owned by platforms and their end users are protected against malicious attacks. 
Read more: <a href="https://www.blockhead.co/2023/02/10/brave-browser-microsoft-google-ethlas-veterans-form-web3-security-solution/">Brave Browser, Microsoft, Google, Ethlas Veterans Launch Web3 Security Solution</a>
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,” said Foo Wui Ngiap, Eleos Labs’ Group Advisor. 
“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.”
<hr>
The world of Web3 can be quite a whirlwind. Whether it’s crypto news in Singapore, South East Asia or even across the globe, we understand how busy the industry is keeping you, so we kindly send out three newsletters each week:
<ul>
 <li><a href="https://blockhead.co/tag/blockbeat?ref=blockhead" rel="noopener noreferrer">BlockBeat</a> for a wrap-up of the week’s digital assets news</li>
 <li><a href="https://blockhead.co/tag/blockhead-brief?ref=blockhead" rel="noopener noreferrer">Blockhead Brief</a> for weekend happenings as well as what to look forward to in the week ahead</li>
 <li><a href="https://www.blockhead.co/tag/business-bulletin/" rel="noopener noreferrer">Business Bulletin</a> for macroeconomic updates and industry developments.</li>
</ul>
To avoid FOMO and access member-only features, click <a href="https://www.blockhead.co/#/portal/" rel="noopener noreferrer">here</a> to subscribe for FREE.

Eleos Labs Brings Fraud Detection to Polygon

Blockhead

Outros artigos publicados em 6 de abr. de 2023

Nano Digest: V24 release, new Community Programme members, growing adoption, and more!

Aptos Price Analysis 06/04: APT Market Bears Down, Short-Term Gains Ahead?

Ethereum’s Upcoming Update Raises Fears Of A Massive Sell-Off, But Is It Justified?

Everyone on Earth Will Die Unless Major AI Changes Are Implemented, Warns Artificial Intelligence...

Reddit’s Third-Generation NFT Avatars to Drop Next Week

Singapore To Release New Crypto Client Vetting Guidance for Banks

Join our free newsletter for daily crypto updates!