SG’s Eleos Labs, Grab join forces to combat Web3 cyber threats

Photo credit: Tech in Asia

Eleos Labs, a Singapore-based Web3 cybersecurity firm, is partnering with Grab to integrate the former’s anti-theft and fraud detection system FailSafe into the Polygon network.

GrabDefence, Grab’s anti-fraud solution, will assist Eleos Labs in deploying services that protect users from the theft of private keys, hacking of smart contracts, and misuse of ERC-20 approvals.

FailSafe’s security system can detect cyber threats in real time, minimize a network’s attack surface, and intercept potentially malicious transactions.

Founded in 2022, Eleos Labs is helmed by Grab alumni Wui Ngiap Foo and Gennady “Ari” Medvinsky, who serve as the company’s group advisor and technical advisor, respectively. Foo was previously the head of technology and integrity at Grab while Medvinsky was its head of engineering.

In October last year, GrabDefence collaborated with Amazon Web Services to launch a fraud detection solution for mobile apps.

See also: Grab, Microsoft alum look to combat crypto theft