30s Summary

Web security firm Cyvers is collaborating with Station70 to launch Secure Signers, a product to combat cryptocurrency vulnerabilities responsible for losses of over $4 billion. Secure Signers enhances transaction safety while transacting cryptocurrencies, and addresses security shortcomings exposed by recent large-scale cryptocurrency hacks. It embodies Cyvers’ threat detection technology and Station70’s co-signer-as-a-service tool, allowing Fireblocks wallet users to scrutinise and validate transaction security pre-execution. Cyvers’ AI algorithms detected the rogue smart contract that resulted in the $230 million WazirX hack eight days before the hack took place.

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Cyvers, a web security company specializing in Web3, is working with Station70 to launch Secure Signers. This new product is aiming to tackle a vulnerability in the crypto world which has cost over a whopping $4 billion. It’s hoped that the new security measures will grow confidence in the crypto space, especially from big businesses.

Secure Signers is designed to offer more protection when moving cryptocurrency around. The need for stronger systems has become apparent after recent major cryptocurrency hacks. These include a hefty $54 million taken from BTCTurk and a not-too-shabby $52 million from BingX.

The vulnerabilities that let hackers gain unauthorized access are becoming one of the largest threats to cryptocurrency security. Over the last three years, the industry has lost over $4 billion because of these issues. Last year alone, cyberattacks on digital wallets and central systems shot up by more than 1000%.

Secure Singers is combining Cyvers’ real-time threat detection system with Station70’s co-signer-as-a-service tool. The end result is a system that allows Fireblocks wallet users to check and validate transactions for any security risks before they go through on the blockchain.

This new product will hopefully encourage more traditional finance firms to invest in digital currencies. Many have been hesitant due to the increasing number of security threats and attacks. The benefit to these institutions would be better security for transactions, the ability to intercept threats in real-time, and easy integration with their existing workflows and protocols.

As the industry works to bridge the gap between traditional finance and decentralized systems and aims to increase adoption of Web3, Cyvers is heading the charge. They’re one of the leading security firms specializing in on-chain security, using artificial intelligence algorithms to make crypto transactions safer.

Through these AI algorithms, Cyvers was able to spot the fraudulent smart contract that led to the $230 million WazirX hack a whole eight days before the attack happened.