MultiversX, formerly known as Elrond, has presented Guardians, a two-factor authentication security standard (2FA) aimed at mitigating the risk of cryptocurrency fraud and theft.
The DeFi sector increasingly affected by security flaws
Investors and users operating within the cryptocurrency sector have long been exposed to various scams and attacks by hackers. The crypto sector is particularly vulnerable to hacks, with extremely high losses observed in recent times.
These losses amount to over $300 million for all digital assets just in the second quarter of 2023, according to the latest reports from blockchain security company CertiK.
Furthermore, an investigation by the Federal Trade Commission (FTC) revealed that cryptocurrency phishing attacks alone result in losses of over one billion dollars annually. More broadly, the total security flaws for the DeFi sector approach $3 billion in stolen funds, according to the latest data published by The Block.
Guardians: additional protection against hacking attempts
With Guardians, users of the MultiversX wallet will be able to benefit from an additional level of security against scams and increasingly common hacking attempts.
According to statements from MultiversX officials, users will be able to maintain control of their funds even in the event of a compromise of their private keys. Regarding this, Benjamin Mincu, the CEO of MultiversX, underscored the reliability of Guardian in terms of security. He stated:
“The Guardians feature was thoroughly tested in a publicly open hacking contest with a reward of nearly $20,000, where hundreds of participants, including security experts, attempted to claim the reward without succeeding.”
Mincu further stated that all hackers present during this test already knew the starting phrase (or secret phrase in French) of 24 words that had previously been leaked publicly.
“We still see too many users lose part or all of their funds simply because they made the mistake of sharing their private keys with strangers or on fake websites.”
According to representatives of MultiversX, the Guardian feature has already been integrated into several crypto wallet solutions with a combined total of over one million users.
Source: Benjamin Mincu
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