Web3 security firm Cyvers has partnered with Station70 to launch the first industrial-grade transaction security solution to solve a $4 billion vulnerability and increase institutional trust in the crypto space.
The new solution, Secure Signers, aims to create better protection around institutional cryptocurrency transfers, according to an announcement shared exclusively with Cointelegraph.
The recent $54 millionhack on BTCTurkand the$52 million BingXhack showcase the need for more robust transaction signing systems. These mounting attacks were the reason for the development of the new security solution, according to Deddy Lavid, CEO of Cyvers.
The CEO told Cointelegraph:
“The new security solution aims to increase institutional trust in cryptocurrency solutions, especially among traditional finance (TradFi) firms, who are hesitant to invest in digital assets due to the growing security vulnerabilities in the space.”
Access control vulnerabilities are emerging as one of the biggest threats to Web3 security, as they have cost the industry $4 billion worth of losses during the past three years, according to Cyvers. During 2024, cyberattacks against centralized entities and wallets rose by over 1,000%, highlighting the need for more robust security threat detection.
Secure Signers could bring more TradFi institutions into crypto: Cyvers
Secure Signers taps into Cyvers’ real-time threat detection system and Staton70’s co-signer-as-a-service tool to offer FIreblocks wallet users the ability to proactively stimulate and validate transactions for security risks before the blockchain execution.
The new security solution aims to increase institutional trust in cryptocurrency solutions, especially among traditional finance (TradFi) firms, which are hesitant to invest in digital assets due to security vulnerabilities.
Institutions will benefit from the partners’ enhanced transaction security, real-time threat interception and simplified integration with TradFi workflows and protocols, said Cyvers’ Lavid:
“By solving the security and operational challenges that have hindered TradFi participation, the Secure Signer solution bridges the gap between traditional finance and decentralized systems, accelerating Web3 adoption.”
Cyvers is among the leading onchain security firms, employing artificial intelligence algorithms to make the crypto industry safer.
Cyvers’ algorithms detected the fraudulent smart contract responsible for the$230 million WazirXhack eight days before the cyberattack occurred, Cyvers’ Michael Pearl, vice president of GTM strategy, told Cointelegraph during an interview.