Cyvers tackles $4B crypto security gap with new tool

Cyvers, a Web3 security firm, has partnered with Station70 to launch Secure Signers, a security tool designed to address a $4 billion vulnerability in cryptocurrency transactions.

The initiative aims to enhance institutional trust in crypto solutions and encourage broader adoption in traditional finance (TradFi).

Secure Signers combines Cyvers’ artificial intelligence-powered real-time threat detection with Station70’s co-signer-as-a-service technology.

This integration enables institutions to simulate and validate transactions for security risks before executing them on the blockchain.

The need for such a solution has intensified due to a surge in cyberattacks, including the $54 million BTCTurk hack and the $52 million BingX breach.

"The new security solution aims to increase institutional trust in cryptocurrency solutions, especially among traditional finance firms, who are hesitant to invest in digital assets due to the growing security vulnerabilities in the space," noted Cyvers CEO Deddy Lavid.

Access control vulnerabilities have been a major concern, costing the cryptocurrency industry $4 billion over the past three years.

Cyvers reported a 1,000% increase in cyberattacks targeting centralised entities and wallets in 2024 alone.

Secure Signers is designed to mitigate these challenges and facilitate the integration of cryptocurrency transactions into TradFi systems.

“By solving the security and operational challenges that have hindered TradFi participation, the Secure Signer solution bridges the gap between traditional finance and decentralised systems, accelerating Web3 adoption,” Lavid emphasised.

Cyvers’ predictive security expertise has proven effective in the past.

According to Michael Pearl, Cyvers’ vice president of GTM strategy, the company’s algorithms detected the fraudulent contract behind the $230 million WazirX hack eight days before the attack occurred.