Syvers Launches Institutional Crypto Security Tool for $4B Exposure
Security firm Web3 has partnered with State70 to launch the first industry-grade transaction security solution to address a $4 billion vulnerability and increase institutional trust in the crypto space.
The new solution, SecureSigners, aims to create better protection around institutional cryptocurrency transfers, according to an announcement shared exclusively with Cointelegraph.
The recent $54 million hack on BTCTurk and the $52 million BingX hack highlighted the need for more robust transaction signature systems. These increasing attacks were the reason for the development of the new security solution, said Dedi Lavid, CEO of Syvers.
The CEO told Cointelegraph:
“The new security solution aims to increase institutional confidence in cryptocurrency solutions among traditional finance (TradFi) companies that are reluctant to invest in digital assets due to the growing security vulnerabilities in the space.
Syvers has a partnership with Station70. Source: Syvers
Access control vulnerabilities are emerging as a major threat to Web3 security, costing the industry $4 billion in losses over the past three years, Syvers says. In the year By 2024, cyber attacks against centralized entities and wallets will increase by more than 1,000%, highlighting the need for more robust security threat detection.
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Secure signers can bring more TradFi institutions to crypto:cyvers.
Secure signers tap into Syvers' real-time threat detection system and Staton70's co-signer-as-a-service tool to give Fireblocks wallet users the ability to proactively prompt and validate transactions for security risks before blockchain execution.
The new security solution aims to increase institutional confidence in cryptocurrency solutions, especially among traditional finance (TradFi) companies that are hesitant to invest in digital assets due to security vulnerabilities.
Institutions will benefit from the partners' enhanced transaction security, real-time threat intervention and integration with TradFi's workflows and protocols, said Syvers' Lavide.
“TradFi solves the security and operational challenges that have hindered participation, a secure signer solution that bridges the gap between traditional finance and decentralized systems and accelerates Web3 adoption.”
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Syvers is one of the leading onchain security firms employing artificial intelligence algorithms to make the crypto industry more secure.
Cyber's algorithms discovered the fraudulent smart contract responsible for the $230 million WazirX hack eight days before the cyber attack, Michael Pearl, Cyber's vice president of GTM strategy, told Cointelegraph in an interview.
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