High-profile executives from Brave Browser, Microsoft, Google, and Ethlas are now part of Eleos Labs' advisory board, a strategic step to enhance Web3 security measures.

Eleos Labs The launch announcement elaborated on Eleos Labs’ mission to tackle fraud in the Web3 sector, backed by expertise from cybersecurity leaders across the industry.

Dr. Gennady 'Ari' Medvinsky, who has dedicated two decades to leading security teams at companies like Google, Grab, and Microsoft, will take on the role of Technical Advisor. He is also a co-founder of the GameFi metaverse, Ethlas.

Wui Ngiap Foo, who previously led Technology and Integrity at Grab, will join Eleos Labs as a Group Advisor. Additionally, Dr. Ben Livshits, the former CEO of Zilliqa Research and Chief Scientist at Brave Browser, will serve as a Scientific Advisor.

With an expert advisory board at its disposal, Eleos Labs is set to roll out a comprehensive range of products, empowering Web3 users to better defend against the threats of theft and fraud.

According to a 2022 crypto crime report According to Chainalysis, a staggering $3.8 billion was siphoned from cryptocurrency entities last year, making 2022 the most significant year for crypto-related hacks. Eleos Labs aims to address this vulnerability by developing robust anti-theft solutions that rely on enterprise-level cybersecurity technologies, starting with their flagship product, FailSafe.

FailSafe acts as a safeguard for both platforms and users, offering insights into the safety of smart contracts and wallets, serving as a primary defense mechanism against theft and fraud by assessing the risk level of user interactions.

In the event of a cyber incident, FailSafe is designed to block harmful transactions and reduce overall losses by ensuring that the bulk of user assets are stored securely in a high-security vault, according to the company.

The range of tools within FailSafe includes entity reputation scoring, transaction monitoring, and safeguards against the looming risks posed by quantum computing to traditional signature algorithms, which underpin Web3 key management practices.

The initiative to enhance security solutions stemmed from our experiences during the development of Ethlas over the past year. With a strong background in security, the prevalence of fraud in the industry was a constant concern that drove us to find solutions.

Dr. Gennady 'Ari' Medvinsky shared these insights with Metaverse Post.

The importance of Web3 security has surged, particularly in light of various malicious attacks targeting notable founders and projects in the domain over the past year. A striking case was the theft of $625 million from Axie Infinity's Ronin Network by a group of hackers from North Korea last April. Lazarus .

When discussing potential skill gaps in Web3 cybersecurity, Ari mentioned to Metaverse Post: 'Our team is rich with decades of experience in developing security solutions in the web2 sphere, giving us a unique advantage to utilize our operational know-how and connections. For instance, having Dr. Ben Livshits, who is the former CEO of Zilliqa Research and Chief Scientist at Brave Browser, as our Scientific Advisor, exemplifies the strength of our lean but capable team.'

With that said, VCs have been pouring funds There has been notable investment activity flowing into Web3 security firms, such as Hypernative, which recently completed a $9 million seed round, and the Israeli startup Cyvers, which obtained $8 million in December. Last October, crypto security Builders secured $7 million to create tools for preventing scams in NFT transactions, smart contracts, and cryptocurrency dealings. startup Web3 Please be reminded that the information shared on this page is not designed to serve as legal, financial, or investment advice. It's crucial to invest only what you can afford to lose, and individuals should seek independent financial guidance if uncertain. For more details, we recommend reviewing the terms and the support resources provided by the relevant issuer or advertiser. MetaversePost is committed to delivering accurate and unbiased news, even as market circumstances may change unexpectedly.