Eleos Labs is launching its FailSafe suite of systems to combat theft and fraud within the Polygon ecosystem.

Web3 cybersecurity startup, Eleos Labs is embedding its FailSafe suite focused on anti-theft and fraud detection into the Polygon ecosystem.

Working alongside GrabDefence, an innovative anti-fraud solution from the Southeast Asian app Grab, a new pilot project is set to roll out for integrating FailSafe’s wallet risk assessment capabilities.

According to Chainalysis’ 2023 Crypto Crime Report $3.8 billion in cryptocurrency was lost to theft and an additional $5.9 billion to scams in the previous year. With a team of cybersecurity veterans from Brave Browser, Microsoft, Google, and Ethlas, Eleos Labs is rolling out proven services that defend users against issues like stolen private keys, smart contract exploits, and unauthorized ERC-20 approvals.

FailSafe protects digital assets through a multi-layered security approach, including real-time risk detection, minimizing attack surfaces, and blocking harmful transactions. These features draw on the team's background in combating cyber offenses and money laundering activities encountered in Web2.

Recognizing Polygon as the fastest-growing decentralized applications network for Ethereum, Eleos Labs chose to join forces with this platform to maximize its impact by collaborating with its wide array of developers and partners. This partnership emerged from extensive dialogues and presentations demonstrating the practical applications of FailSafe.

"Web3 is reaching a critical transformation as it transitions from being an experimental space for early tech adopters to an inclusive environment accessible to everyone, regardless of their technical background or experience,\" stated Urvit Goel, VP, and Head of Global Business Development at Polygon Labs. He emphasized that security is a crucial element in fostering a user experience that will drive widespread adoption, with tools like FailSafe leading the way.

The startup conveyed to Metaverse Post via email that it aligns with Polygon’s mission of democratizing Web3 benefits. This is showcased by Polygon's robust track record of integrating Web2 enterprises across varying sectors, including partnerships with major brands like Starbucks and Reddit. South Korea’s Lotte Group , Square Enix , and more.

"A significant hurdle to the mass adoption of Web3 is the absence of practical and effective security measures,\" remarked Foo Wui Ngiap, Group Advisor at Eleos Labs. \"Just as the Internet has significantly improved its safety protocols over the past thirty years, so too must Web3 navigate this evolution.\"

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