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Security veterans from Brave Browser, Microsoft, Zilliqa, Google and Ethlas have announced the formation of Eleos Labs – an anti-fraud solution for Web3 assets.
Fraud and theft of on-chain assets will be the team's main focus, aided by ongoing partnerships with government agencies, blockchain projects, and wallet providers.
Headquartered in Singapore with offices in Seattle, the company is building an "resilient anti-theft system based on enterprise cybersecurity tools to ensure a safer crypto ecosystem," is said in an announcement on Friday.
Ethlas CTO and co-founder Gennady "Ari" Medvinsky will serve as the team's technical advisor. Ex-head of technology and integrity at Grab, Wui Ngiap Foo, will join as group advisor. Ben Livshits, former CEO of Zilliqa Research and chief scientist of Brave Browser, will be scientific advisor.
Enterprise Risk Management
Among the company's solutions for Web3 security is FailSafe, an anti-theft Web3 wallet companion system that is "focused on protecting the end to end Web3 transaction journey." The FailSafe suite of solutions are designed to mitigate errors or mistakes made by human operators, which can negatively impact the security, functionality, and reliability of Web3 systems, such as key management, configuration errors, contract execution and user error.
“All organizations have a responsibility to protect their users from theft and should be prepared for an attack in the worst case scenario: we offer a fail-safe system that not only prevents theft, but ensures minimal harm to targeted users and assets through layers of protection via a defense-in-depth design,” Medvinsky said.