Industry-First On-Chain 2FA Security Standard Launched By MultiversX

From crypto CEOs sending DMs asking for money and helpful lads solving every possible issue one could experience by "validating" wallets on their websites to winning great prizes in lotteries you never entered, the ways crypto users can be hustled out of their funds vary widely.

A report by the Federal Trade Commission found that more than $1 billion USD is lost yearly in crypto phishing attacks.

Since statistics go beyond numbers, tens of thousands of users are involved and negatively impacted.

We believe that at MultiversX, we have the potential to completely upend this issue hindering adoption and becoming the gold standard for wallet security and digital asset management.

Guardians have become available this week on MultiversX via a major network upgrade, enabling users to opt for on-chain 2FA on their wallet accounts for extra security and protection against scams and thefts.

The feature has already been seamlessly integrated into multiple wallet solutions with a cumulated 1M+ user base and is ready to make the Web3 space safer.

By using popular and familiar 2FA methods like Microsoft Authenticator, Authy, or Google Auth, users can ensure that every action taken by their wallet account is indeed performed by them.

Therefore, with the help of an app most likely already installed on their devices, users can remain in control of their funds even in the case of compromised private keys.

“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 industry-first protection for users and make wallet accounts resilient against the most common scams and theft.”

said Beniamin Mincu, MultiversX CEO

The Guardians feature has been thoroughly battle-tested in a public $20,000 USD 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 is continuing to spread blockchain adoption by improving user experience. With features like hero-tags replacing long public addresses, meta-transactions designed to allow users to make transactions without owning crypto, and now Guardians, maximizing security with minimal friction, MultiversX expands to new addressable markets.

About MultiversX

MultiversX is a highly scalable, secure, and decentralized blockchain network created to enable radically new applications for users, businesses, society, and the new metaverse frontier.

Full details and how-to guide here.