MultiverseXformerly known as Elrond Guardiana security standard for two-factor authentication (2FA), which aims to reduce the risk of cryptocurrency fraud and theft.
The DeFi sector is increasingly affected by security breaches
Investors and users interested in the cryptocurrency sector have long been subjected to various scams and attacks by certain hackers. The crypto sector is particularly vulnerable to hacks, and there have been extremely high losses recently.
The latter amounts to more than 300 million dollars for all digital assets only for the second quarter of 2023, according to the latest reports from the blockchain security firm CertiK.
In addition, a survey of Federal Trade Commission (FTC) revealed that cryptocurrency phishing attacks alone result in the loss of more than a billion dollars a year. More broadly, the total number of security breaches in the DeFi sector is approaching the limit of 3 billion dollars in stolen funds, according to the latest data released by The Block.
Guardians: additional protection against hacking attempts
With GuardianUsers with a wallet MultiverseX will be able to benefit from an extra level of security against fraud and Hacking attempts, which unfortunately are becoming more and more common.
According to official representatives of MultiversX, users can remain in control of all their funds even if their private keys are compromised. At this point, Benjamin Mincu, General Manager of MultiversX, underscored Guardian’s reliability when it comes to security. The latter explains:
“The Guardians feature was thoroughly tested in a publicly accessible hacking contest with a nearly $20,000 reward, with hundreds of participants, including security researchers, trying to get the reward without succeeding.”
The Director of MultiversX goes on to state that all the hackers present at this test already knew this seed set (or secret phrase in French) composed of 24 words previously the subject of public disclosure.
“We still see far too many users losing some or all of their money simply because they made the mistake of sharing their private keys with strangers or on fake websites. »
According to MultiversX representatives, the Guardian functionality has already been integrated into several crypto wallet solutions with a total of more than one million users.
Source : Benjamin Mincu