MultiversX Introduces Two-Factor Authentication (2FA) to Combat Scams

2023-07-14 18:34:00

MultiversXformerly known as Elrond, featured Guardiansa two-factor authentication security standard (2FA) which aims to mitigate the risk of cryptocurrency scams and theft.

The DeFi sector increasingly affected by security breaches

Investors and users who gravitate within the cryptocurrency sector have long been exposed to various scams as well as attacks from certain hackers. The crypto sector is particularly vulnerable to hacks, and there have also been extremely high losses in recent times.

The latter amounting to more than 300 million dollars for all digital assets only for the second quarter of the year 2023 according to the latest reports from the blockchain security company CertiK.

Additionally, a investigation from Federal Trade Commission (FTC) revealed that cryptocurrency phishing attacks alone lead to loss of more than a billion dollars a year. More broadly, the total of security breaches for the DeFi sector is approaching the bar of $3 billion in stolen funds, according to the latest data published by The Block.

Guardians: additional protection once morest hacking attempts

With Guardiansusers with a wallet MultiversX will be able to benefit from an additional level of security once morest scams and hacking attempts which are unfortunately becoming more and more common.

According to the statements of official representatives of MultiversX, users will be able to keep control of all their funds even in the event of a compromise of their private keys. On this point, Benjamin Mincu, the general manager of MultiversX, underlined the reliability of Guardian in terms of security. The latter declares:

“The Guardians feature was thoroughly tested in a hacking competition open to the public with a reward of almost $20,000, where hundreds of participants, including security experts, tried to obtain this reward without however succeed in doing so. »

The director of MultiversX continues and specifies that all the hackers present during this test already knew the seed phrase (or secret phrase in French) of 24 words which had previously been the subject of a public leak.

“We still see far too many users losing some or all of their funds simply because they made the mistake of sharing their private keys with strangers or on fake websites. »

Also according to the statements of the representatives of MultiversX, the Guardian functionality has already been integrated into several crypto wallet solutions with a total of more than one million users combined.

Source : Benjamin Mincu

1689378102
#MultiversX #Introduces #TwoFactor #Authentication #2FA #Combat #Scams