Web3 Hypernative Security Project raises $9 million

Crypto insurer Hypernative has secured $9 million in funding from Boldstart Ventures and the IBI Tech Fund, with several other investors participating.

The project will use the funds to develop advanced “early detection” web3 security solutions.

Hypernative aims to prevent hacks and theft

While high-profile hacks and theft have become increasingly synonymous with the cryptoverse, with researchers estimating that the Web3 space lost more than $3 billion to bad actors last year, Hypernative aims to offer a permanent solution to this long-standing menace.

As reported by TechCrunch, the web3 security project launched last year by Gal Sagie and Dan Caspi, former Microsoft, IBM and Google employees, has secured $9 million in funding to pursue their goal of building robust and effective cyberattack detection solutions for Web 3 market participants. Such as crypto asset managers, hedge funds, and others.

“In my experience hackers never sleep. They don’t care if it’s a bull market or a bear market. Wherever there is money and opportunity, they go. We do detection in advance. Lots of incidents alerted.” [users] within minutes or hours before an attack occurs, so we help prevent attacks with alerts.”

Gal Saji, Hyper Knife.

The funding round was led by boldstart ventures and the IBI Technology Fund, with participation from investors from Nexo, CMT Digital, Alchemy, Borderless and Angel.

While the issue of hacks and security exploits may never be completely wiped out from the web3 space, since code is not 100% bug-free and bad actors are always on the lookout to take advantage of these vulnerabilities, sophisticated early detection systems may need a long way to go. in reducing these heinous accidents.

As recently reported by crypto.news, the bad actors may have crafted a new scam scheme centered around the Ethereum Name Service (ENS), to defraud unsuspecting victims of their ERC-20 tokens.