Eleos Labs Brings its Suite of Anti-theft and Fraud Detection Methods to Polygon

Web3 cybersecurity startup, Eleos Labs, is integrating its FailSafe suite of anti-theft and fraud detection programs into the Polygon community. 

Collaborating with GrabDefence – a proprietary anti-fraud SaaS resolution from Southeast Asian multipurpose app Seize – to energy Eleos Labs pockets risk-scoring capabilities, a brand new pilot program shall be launched to supervise the mixing.

Based on Chainalysis’ 2023 Crypto Crime Report, $3.8 billion of crypto have been misplaced to theft and one other $5.9 billion to scams final yr. Backed by a staff of web2 cybersecurity advisors from Courageous Browser, Microsoft, Google, and Ethlas, Eleos Labs is deploying battle-tested companies that shield customers from stolen non-public keys, sensible contract hacks and exploited limitless ERC-20 approvals. 

FailSafe secures belongings by way of a number of layers of safety, comparable to real-time detection of safety dangers, discount of assault floor space, and interception of malicious transactions. These companies are impressed by the staff’s expertise coping with cyber criminals and cash laundering syndicates in Web2.

Contemplating that Polygon is the fastest-growing Dapps community for Ethereum, Eleos Labs determined to companion with the community because the startup sees the chance to generate influence at scale by working with its ecosystem of builders and companions. The partnership was solid by way of a collection of in-depth discussions, and product showcases detailing use circumstances for FailSafe.

“Web3 is at an inflection level because it evolves from an experimental frontier for the early adopters to an area that welcomes anybody, no matter their degree of expertise or technical talent,” Urvit Goel, VP, Head of World Enterprise Improvement at Polygon Labs, stated in a press release. “Safety is an indispensable element of the type of person expertise that will get us to mass adoptions, with instruments like FailSafe paving the best way ahead.”

The startup informed Metaverse Submit in an e-mail that it resonates with Polygon’s purpose to convey the advantages of web3 to the lots. That is evidenced by Polygon’s sturdy report of Web2 enterprise adoption throughout a number of industries, together with partnerships with Starbucks, Reddit, South Korea’s Lotte Group, Sq. Enix, and extra.

“The shortage of sensible and efficient safety options is likely one of the biggest obstacles to the mass adoption of Web3,” stated Foo Wui Ngiap, Eleos Labs’ Group Advisor. “Identical to how the Web developed into changing into a safer place during the last three many years, Web3 too has to undergo that journey.”

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