Innovative, plug-and-play blockchain security start-up CyVers, has announced its successful $8 million fundraising round. Led by Elron Ventures, the round included Differential Ventures, Cyber Club London, HDI, and Crescendo Venture Partners.
As a security firm, CyVers brings a unique approach to halting attacks by detecting malicious behavior in real-time from a runtime perspective and alerting and preventing on-chain transactions, thus enabling the safety and recovery of funds.
CyVers can capture malicious behavior from the broadcast stage before immutability occurs, which is critical to on-chain and off-chain security.
Understanding Real-Time and Active Blockchain Security
With the rise and explosion of the decentralized space, threats have become increasingly complicated and complex.
So much so that losses have climbed. 2022 has been the worst year of hacks, losses, and exploits of blockchains, DeFi ecosystems, Smart Contracts, and cryptocurrency exchanges. Everyone felt the heat of the snappy-fingered guys, who look for new ways to reap where they didn’t sow.
This year, $2.3 billion has been lost, with a majority of these funds coming from DeFi projects and protocols.
Gaps Exist Within Smart Contract Ecosystems
Smart Contract programmers do their best to secure their code. This hasn’t stopped hackers from attacking DeFi’s soft underbelly: the runtime environment.
With almost zero defenses, application runtime environments continue to be easy targets providing opportunities for just about anyone with the right skill set to exploit them for illicit gain.
At the Smart Contract layer, tools exist to vet, audit, and secure code, and threats are decreasing exponentially.
Runtime environments have few middleware solutions that can track on-chain data to monitor threats and malicious behavior.
This is where CyVers offers DeFi projects a unique all-in-one solution. Using multiple approaches, CyVers can detect bad actors and prevent them from accessing tokens and wallets without following the Smart Contract code completely.
How CyVers Security Solutions Enable Mid-layer Security
CyVers deploys artificially intelligent frameworks to learn the behavioral patterns of attacks. With access to on-chain data, these attacks do not follow set patterns but evolve, and CyVer’s set of tools can accurately determine the evolutionary patterns for attacks.
Depending on the complexity of the project and the kinds of transactions involved, CyVer’s security solutions integrate at the critical points within ecosystem infrastructure to provide real-time monitoring. From oracles to APIs, and even custodial wallets, the plug-and-play tools enable integration and ease of use without granting permissions to applications cores, wallets, and data oracle interfaces.
By deploying machine learning, threats are known and understood without waiting for hacks to occur and funds to be lost. One more advantage CyVers holds over other players in this emerging field is its scalable activities from several transactions per minute to hundreds of thousands and even millions of transactions. That way, nothing slips through the provided safety net.
Threats are always going to emerge and develop. Bad guys aren’t going away, but there are tools and people who watch them in real time before they can do damage.
CyVers is watching and waiting.