Cyvers launches institutional crypto security tool for $4B vulnerability

As a seasoned crypto investor with a decade-long journey in this digital frontier, I can confidently say that the partnership between Cyvers and Station70 to launch Secure Signers is a significant stride towards mitigating the persistent security challenges plaguing our industry. The $4 billion worth of losses due to access control vulnerabilities over the past three years is a grim reminder of the need for robust security measures, especially as we witness the alarming surge in cyberattacks.

Cybers, a company focusing on security within the Web3 environment, has teamed up with Station70 for the debut of an advanced transaction security system. This innovative solution aims to address a significant issue estimated at over $4 billion, thereby boosting confidence among institutions in the realm of cryptocurrencies.

The innovative approach called Secure Signers is designed to bolster security for transactions involving institutional cryptocurrencies, as per an exclusive announcement revealed to CryptoMoon.

As a crypto investor, these recent hacks on BTCTurk and BingX, totaling $54 million and $52 million respectively, serve as stark reminders of the importance of strengthening transaction signing systems. The escalating frequency of such attacks has prompted the creation of a novel security solution, as stated by Deddy Lavid, CEO of Cyvers.

The CEO told CryptoMoon:

“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.”

It’s been revealed that web3 security is increasingly under threat due to access control vulnerabilities, with estimated losses in the industry amounting to over $4 billion over the past three years (as reported by Cyvers). In 2024, there was a staggering 1,000% increase in cyberattacks targeting centralized entities and wallets, emphasizing the urgent need for enhanced security measures focused on detecting threats.

Secure Signers could bring more TradFi institutions into crypto: Cyvers

Fireblocks wallet users can take advantage of Secure Signers’ feature that actively checks and verifies transactions for potential security issues, using Cyvers’ real-time threat detection system and Staton70’s co-signer service tool, before these transactions are processed on the blockchain.

As a researcher delving into the realm of cryptocurrencies, my focus is on developing a cutting-edge security solution designed to foster trust within institutional circles regarding our crypto solutions. This is particularly crucial when it comes to traditional finance (TradFi) entities, who have thus far shown reluctance in investing in digital assets due to escalating security concerns within the digital asset space.

According to Cyvers’ Lavid, this improvement is crucial as it allows institutions to enjoy increased transaction security, immediate detection of threats, and streamlined compatibility with traditional financial processes and systems.

“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 stands out as a top-tier on-chain security company, utilizing advanced artificial intelligence technologies to enhance safety within the cryptocurrency sector.

8 days prior to the WazirX cyberattack that resulted in a loss of $230 million, Cyvers’ algorithms identified the suspicious smart contract deemed responsible for the fraud. This information was shared by Michael Pearl, Vice President of GTM Strategy at Cyvers, during his recent interview with CryptoMoon.

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Secure Signers could bring more TradFi institutions into crypto: Cyvers

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