FailSafe Rolls Out SDK for Enterprise Teams

Crypto enterprises lost almost $1 billion to hacks in 2023. As cyberattacks grow more sophisticated, there is an urgent need for blockchain enterprise teams to craft bespoke solutions to their unique security needs. FailSafe is unveiling a software development kit which caters to this emergent necessity in the crypto landscape.

Why Cyberattackers Target Crypto Enterprises

From the early days of cyberattacks on the blockchain, threat actors have demonstrated a clear preference for crypto enterprises as soft targets for wallet hacks. And the reason is simple–enterprises custody more funds than the average crypto user.

Every year, the amount of liquidity drained via cyberattacks on crypto enterprises shadows the numbers from individual wallet hacks. Although these hacks happen less frequently, the financial outcomes are much more severe. Even worse, an enterprise may be held to ransom by the hacker, as with the case of KyberSwap.

Organised cybercrime actors, such as the Lazarus Group, have become notorious for targeting crypto enterprises in large-scale hacks. The most recent heist attributed to this group was the $114 million exploit of Poloniex exchange.

Effects of Wallet Hacks on Crypto Enterprises

When crypto enterprises fall victim to hacks, the fallout extends far beyond the immediate loss of funds. A growing number of promising projects have suffered fatal blows from a single cyberattack which completely depleted their financial war chest.

The liquidity drain does not just affect crypto enterprises. Individual users, on a large scale, are often left in the lurch when their funds are stolen from the custody of an enterprise wallet. This has negative implications for the growth of the blockchain sector, as well as for the public perception of cryptocurrencies.
On top of this, it becomes very difficult for such teams to regain credibility and rebuild trust with their community after critical and costly security breaches. For this reason, discerning enterprise teams have begun to seek answers to security concerns, for which no turnkey solutions currently exist.

Introducing: FailSafe SDK V1

FailSafe emerged as a suite of security tools designed especially for crypto enterprises in need of an ultimate safety layer to mitigate the risk of losing assets to wallet hacks and crypto scams.

Our three-pronged approach to defeating crypto scams and hacks is a combination of preventive and proactive measures:

• With 24/7 intelligent threat monitoring, FailSafe ensures that no potential and imminent threats are allowed to fly under the radar of crypto wallet users.
• Our automatic threat interception system effectively stops hackers from making away with FailSafe-protected assets.
• Secure asset recovery via the FailSafe Recovery Vault ensures that you can get your crypto back even after being hacked.

FailSafe has since been utilised in the protection of millions of dollars in crypto assets. However, we recognize that crypto enterprises often need custom-fit solutions that interface smoothly with their software infrastructure.

The FailSafe software development kit enables developers to extend our token protection and asset recovery capabilities within their dApps to cover:

• ERC-20 and ERC-721 tokens
• Tokens owned by externally owned addresses (EOAs)
• Tokens owned by smart contract wallets, such as Gnosis Safe
• Native currencies on supported networks

In addition, the FailSafe SDK also facilitates the integration of the following security features into dApps:

• ‘Smart Mode’ protection
• ‘Safe Mode’ protection
• ‘Easy Protect’ for high-liquidity ERC-20 tokens
• Threat intelligence labels and scores
• Threat detection and monitoring for internal transactions
• Threat detection and monitoring for private transactions
• Protection against EIP-2612 exploits
• Two-factor authentication

We are currently working on adding new features and capabilities, such as support for ERC-4337 smart contracts in future versions of the FailSafe SDK. For the full list of available features, visit our documentation here.

What Type of Enterprise is the FailSafe SDK Built For?

While some blockchain development teams may not feel the need to build customised security solutions, others are more at ease with a hands-on approach to their wallet security. By default, every crypto enterprise with custody of assets is a potential target for a wallet hack.

This list includes, but is not limited to:

• NFT projects
• DeFi protocols
• Crypto exchanges
• DeFi token treasuries
• Crypto asset managers
• Crypto wallet service providers
• NFT and on-chain asset marketplaces

Avoiding Costly Mishaps

The cost of the average crypto enterprise hack runs into tens of millions of dollars. Sometimes, blockchain teams are forced to offer large bounties for the return of stolen funds. While these bounties are often ignored, they exacerbate the wallet security issue by further incentivizing threat actors to perpetrate more hacks.

With our software development kit, crypto enterprises can now ensure maximum protection for assets in their custody at a tiny fraction of the cost of no security coverage.

FailSafe SDK V1 is available on the Ethereum, Binance Smart Chain, and Polygon networks. Contact us to start building your custom security solutions.