2FA to be Used by MultiversX to Fight Theft and Fraud

Guardians is an opt-in, on-chain two-factor authentication (2FA) security standard that was released by MultiversX, formerly known as Elrond, with the intention of reducing the danger of cryptocurrency fraud and theft.

2FA to be Used by MultiversX to Fight Theft and Fraud

According to a statement from MultiversX, customers can make sure that only permitted actions are carried out on their accounts by utilizing popular 2FA techniques like Microsoft Authenticator, Authy, or Google Authenticator.

We still see too many users losing funds because they share their keys with strangers or on fake websites. The cost of not taking action is easily in the billions of dollars and a significant obstacle adoption-wise. Guardians introduce an industry-first protection for users and make wallet accounts resilient against the most common scams and theft.

Beniamin Mincu, MultiversX CEO

Billions of Dollars Stolen Every Year as a Result of Hacks

Users of cryptocurrencies are frequently duped into validating fake transactions, which results in the loss of countless billions of dollars annually. According to a Federal Trade Commission report, losses from crypto phishing assaults alone exceed $1 billion each year. The Block’s data dashboard estimates that the total amount of money taken as a result of DeFi attacks is close to $3 billion.

Guardians Passes Tests Successfully

According to MultiversX, customers may protect themselves against common frauds and thefts with Guardians since they can still control the funds even if their private keys are compromised.

The Guardians feature has been thoroughly battle-tested in a public $20,000 hacking competition, where hundreds of participants, including security experts, unsuccessfully tried to get the bounty from a guarded account despite knowing the 24 words secret phrase that has been leaked publicly,

MultiversX