Eleos Labs, a company that focuses on providing anti-fraud solutions for Web3 assets, today announced its formation with notable security veterans in leadership and advisory positions. The company is set to launch a suite of protection products that help enterprises protect their users against Web3 threats.
According to a statement by the company, Dr Gennady “Ari” Medvinsky will serve as the Technical Advisor, having spent the last 20 years leading security teams at Google, Grab, and Microsoft. Wui Ngiap Foo, previously Head of Technology & Integrity at Grab, will join as Group Advisor.
They are also joined by Dr Ben Livshits as Scientific Advisor, former CEO of Zilliqa Research and Chief Scientist of Brave Browser.
Eleos Labs is building a resilient anti-theft system based on enterprise cybersecurity tools to ensure a safer crypto ecosystem. Its security tools are bolstered by ongoing partnerships with government agencies, blockchain projects, and wallet providers.
Called FailSafe, the solution is built based on the need to have increased regulation and consumer protection in the space, with the recent collapse of well-known crypto institutions.
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In an email interview with e27, Dr Gennady “Ari” Medvinsky explains more details about the product and what is coming next for the company. The following is an edited excerpt of the interview.
Can you tell us more about your solutions and their advantages?
Firstly, Failsafe protects platforms and users by detecting the safety level of smart contracts and wallets – this is the first line of defense against theft and fraud because we can determine the risk level of interaction.
Secondly, in the event of an attack, we ensure optimal protection by successfully rejecting malicious transactions and minimising total loss by keeping the majority of users’ assets in a high-security vault (with enterprise-grade and best-in-class dual-cloud mpc key management solutions).
What is the specific problem that it aims to tackle?
US$4 billion in crypto was stolen in 2022. The rise in theft is a big prohibitor to Web3 adoption, and our mission is to ensure a safer crypto ecosystem by helping platforms and users access enterprise-grade security practices.
What is the product development process for this product?
We’re currently developing all FailSafe products in conjunction with government agencies, wallets, exchanges, and bridges through a series of pilot projects.
What about the profile of your targeted users? What is your user acquisition strategy?
Eleos Labs is enterprise-focused, specifically targeting wallet providers, blockchain protocols, and MNCs exploring a safe entry into Web3. We’re currently progressing through the pilot programme with partners, after which we will be rolling out the product suite to a wider customer base in the coming months. Market demand has been strong.
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How big is your team?
Spearheaded by Technical Advisor Ari Medvinsky and General Manager Aneirin Flynn, the 10-member team at Eleos Labs has expertise across cybersecurity and data science.
Have your company secured external funding from other sources?
While there have been VC interest in funding the new enterprise endeavours within Eleos Labs, the priority for the team remains focused on the successful execution of the ongoing pilot projects and product development. We however continue entertaining new investor interest for like-minded partners who share our mission.
What is your major plan for 2023?
2023 is an exciting year given that Web3 adoption continues to grow and platforms are increasingly cognizant about the security of their assets. We will be rolling out the FailSafe product suite after several successful pilot projects – most likely in Q2.
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Image Credit: Eleos Labs
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