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

Web3 cybersecurity startup, Eleos Labs, is integrating its FailSafe suite of anti-theft and fraud detection methods 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 will probably be launched to supervise the combination.

In keeping with Chainalysis’ 2023 Crypto Crime Report, $3.8 billion of crypto had been misplaced to theft and one other $5.9 billion to scams final yr. Backed by a crew of web2 cybersecurity advisors from Courageous Browser, Microsoft, Google, and Ethlas, Eleos Labs is deploying battle-tested providers that defend customers from stolen non-public keys, good contract hacks, and exploited limitless ERC-20 approvals. 

FailSafe secures belongings by means of a number of layers of safety corresponding to real-time detection of safety dangers, discount of assault floor space and interception of malicious transactions. These providers are impressed by the crew’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 associate with the community because the startup sees the chance to generate affect at scale by working with its ecosystem of builders and companions. The partnership was cast by means of a sequence 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 stage of expertise or technical ability,” Urvit Goel, VP, Head of International Enterprise Growth at Polygon Labs, stated in an announcement. “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 intention to deliver the advantages of web3 to the lots. That is evidenced by Polygon’s sturdy document 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 best obstacles to the mass adoption of Web3,” stated Foo Wui Ngiap, Eleos Labs’ Group Advisor. “Similar to how the Web advanced into turning into a safer place over the past three many years, Web3 too has to undergo that journey.”