According to reports, Cyvers, an Israel-based cybersecurity solutions provider, has managed to raise $8 million in a funding round headed by Elron Ventures. The seed funding phase included other parties like Differential Ventures, Crescendo Venture Partners, and HDI.
The cybersecurity firm offers plug-and-play solutions to companies in the Web3 ecosystem by utilizing domain know-how alongside machine learning technologies to detect real-time security breaches.
Meir Dolev, Cyvers’ CTO, states that the firm’s analytic engine can accurately predict changing cyber-attack patterns and unconventionally detect the attacker’s movement simultaneously. The overall features of Cyvers’ security expertise include smart contract attacks, private key leaks, flash loan exploits, and others.
Once the system detects an impending exploit pattern, the AI aspect automatically produces alerts with ample time to take action using the best solution before the attack progresses.
Cyvers was founded in February 2022 by Meir Dolev and Deddy Lavid. The co-founder, Lavid, revealed in a statement that the raised funds would be plowed into research and development.
Thus, boosting sales and marketing of Cyvers’ products. Venture capitalists have continued to plunge massive amounts of money into funding Web3 cybersecurity firms as the race to provide an airtight security system gains traction.
A fraud detection platform, Sardine, recently raised $52 million in a Series A funding round. Another crypto firewall solutions provider, Blowfish, raised $11.8 million.
According to Chainalysis, this year signifies the biggest period of exploits as the industry grapples with several high-profile attacks.
Rising DeFi Exploits In The Crypto Industry
2022 remains a memorable year in the history of the fledgling digital asset industry, as the ecosystem witnessed daring attacks from hackers. With more than a billion dollars lost to exploits, the decentralized finance (DeFi) space needs an answer to the frequent spate of attacks.
Statistics indicate that approximately $1.6 billion worth of crypto assets were stolen from DeFi platforms in this year’s first quarter. In addition, DeFi protocols account for over 90% of the total stolen cryptos in the industry.
Over the years, hackers have identified the DeFi ecosystem as the main attack point and ramped up their attacks on that sector. This sector’s massive amount of funds is why hackers see the space as a goldmine.
Attackers in the digital sphere are naturally attracted to areas where funds are available for the taking, and DeFi seems to have it in abundance. With billions of dollars worth of transactions processed each month, the rewards are high for attackers who manage to exploit successfully.
However, DeFi’s undoing is its open-source code which exposes projects in that sector to unending cyber-attacks. Preventing cyber-attacks can be difficult, but with increased monitoring and investment in emerging technologies, the DeFi ecosystem can curb the menace.
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