FailSafe: Ultimate Wallet Firewall
Wallets getting hacked, private keys getting exploited, or people falling victim to phishing attacks or fake cryptocurrency giveaways or airdrops and such are not new these days. One just can never be too careful when safeguarding his crypto assets.
Enter FailSafe, the ultimate wallet firewall that is said to have been developed and maintained by Eleos Labs team of cybersecurity experts.0
Let's take a closer look at what it is and what it can do to protect people's wallets and crypto from exploits.
What is FailSafe
Per its Whitepaper, FailSafe is an "anti-theft Web3 Wallet companion system that is focused on protecting the end-to-end Web 3 transaction journey. It offers a multilayered set of security mechanisms, with built-in redundancy, designed to minimize the loss of user assets even under the worst-case circumstances (disclosure of the user’s private key, or a compromised insider within a trusted system)."¹
Accordingly, FailSafe is designed to "provide security to crypto wallets, hence it proactively guards the user's wallet against all cyberattacks. In the event of unauthorized access to a wallet’s assets, FailSafe rapidly intercepts with a counter-transaction that moves the user's funds to his designated FailSafe Recovery Wallet."²
The tool features include scanning the wallet address for threats and security exposure, protection (enabling FailSafe), revocation (of access), and secure connections to help users safeguard their digital assets.
Quoting the introduction via the BNBChain Blog:
Once activated, the FailSafe firewall proactively guards wallets on Binance Smart Chain against cyberattacks – including critical and worst-case scenarios such as complex phishing attempts, private key theft, smart contract hacks, and more.
The service works by rapidly firing a counter-transaction to neutralize any unexpected and malicious attempts to steal a user’s assets. The counter-transaction moves the user’s assets to a secure self-custody smart contract. This global, swift, and vigilant defense system offers users unrivaled security and peace of mind in their digital transactions.³
Currently, the application supports 3 networks, i.e. BNB Chain, Polygon, and Ethereum.
Per the statistics on its website, FailSafe has protected over $9 million worth of crypto, over 3k wallets, and stopped over 103 attacks.
A Personal Test (FailSafe Scanning)
❇️ Opened the site on a browser (https://app.getfailsafe.com/) and I observed that there are two ways to use it. One, just enter the wallet address that we want to be checked.
❇️ Or simply connect your own wallet. It supports Metamask, Wallet Connect, and Coinbase Wallet. There is no transaction fee when connecting, you just need to sign a message. For security purposes, I used a wallet that doesn't contain any valuable assets. I once used it for airdrops.
As I said, we can never be too careful.
❇️ Upon connecting, it shows me a quick scan of the wallet on the Ethereum network. All good there. No threat so far.
❇️ I then switched to BNB Chain and it detected things that needed to be fixed. It now wants me to protect two assets and revoke a previous approval that I had. I didn't even realize that I used the wallet for a bHIVE transaction before.
❇️ Revoking requires a small amount of BNB for gas (approximately $0.20).
❇️ Then I further discovered that to protect the BNB Chain assets that I have on the wallet, I need to have at least 0.01 wrapped BNB (WBNB) before I can enable the FailSafe protection. On the Polygon network, it also requires at least 1 MATIC. I presumed that when on the Ethereum chain, it would also ask for ETH. I've not been able to find out how much is the real cost for it and for how long the wallet stays protected.
Conclusion
FailSafe could be a good tool for users to protect their crypto assets especially when they are actively transacting in various decentralized applications (DApps) and smart contracts. I do recommend further research if you want to use the service or tool.
I'm no techy so I didn't dig deeper into the architecture of FailSafe but if you are, do check their Whitepaper for more details.
To quote their own conclusion in their gitbook:
FailSafe is a safety and protection mechanism that is built for a user base that does not necessarily follow best security practices at all times. FailSafe avoids over-reliance on any single defense mechanism, if one is bypassed, the next one is in line to help minimize losses. This approach spans across the entire lifecycle of a Web3 transaction, from de-risking Web3 asset positions (via auto-rebalancing asset to cold storage) to intercepting the attacker’s transaction via the blockchain mempool, if all other defenses fail.
Similarly, with FailSafe’s forward-security, the risk to the user’s Web 3 assets is reduced even if the underlying cryptographic-based trust is compromised.⁴
I have not thoroughly tested the tool/service and I'm not sure how the protection really works so it will be very interesting to see how it in action in a real scenario where an exploit attempt to a wallet is being made and FailSafe stopping it.
Sources:
Posted Using InLeo Alpha
Galing naman nito. Meron kasing mga coins na sinesend, tapos pag nag-interact ka sa coins na yun, mawa-wipe laman ng wallet.
True yan kaya marami pa rin napapasubo. Gusto ko try etong FailSafe pag nkaorder ako ng hardware wallet. Pero napapaisip ako dito
Ano kayang authority meron sya at pwede nya gawin yon.
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Security of crypto assets is a matter of concern now and I feel it's a very good one but In my case, I don't trust Failsafe either😅. Who knows if there are threats in Failsafe?
I always avoid connecting with anything in the case of my main wallet where I store assets for the long term. In fact, I don't connect it for swaps also. I bear the fee of withdrawal and send it to exchanges and then do trade. Maybe I do it too much but I can't take risks in the case of my long-term crypto assets.
Besides, I think we should use a separate wallet for airdrop and it's very necessary.
!PIZZA
Haha, good thinking Inti. I'm also wondering about the system it uses for this:
My limited understanding of how things work makes me wonder and think twice about the app. Although the scanning is good. Just entering the address allows us to check the risk exposure that our wallets may have.
And you are right, it is best to use a separate wallet for airdrops.
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In as much as Integration are happening in web3, one still need to be careful before venturing into things like this. Well we do have different approach and mindset about things though but I just feel skeptical. It's nice you shared this a it will safe people out there from thief.. Thanks for sharing.
You are right. While the tool or service claims to be what it is, we don't just jump into it without thinking twice. Like you, I'm quite skeptical that's why I used a burner wallet when I tested it. And because I don't really know how it works, I'm not very keen on using it (yet) in a wallet that has my crypto assets.
Thank you for your input :) Be safe!
!PIZZA
Yeah, its nice you did that to be safe.. The world is changing daily and we should always thinks safety first.. stay safe too ma'am
hah, this seems like a secure wallet.
There's a lot of wallet tbh for newbies getting into crypto it really is hard to choose a wallet to interact with Dapps.
I find DeFi quite complicated, was using Metamask personally but it's too buggy and security risks too been hearing about complaints and wallets getting drained etc.
This seems safe one, I'd surely dig more into this to try some airdrops. !LUV ED this one!!
!PIZZA !LUV
It's not a wallet but just a service/tool that claims to safeguard people's wallets from theft or exploits.
And very true, hundreds or probably thousands of wallets are available these days. MetaMask is the very first DeFi wallet that I got used to and still use to this day. Although I'm exploring others like XDEFI which I now use on THORSwap. Learning continues haha.
Thanks for your remarks, iDK. Good luck!
!PIZZA
Sounds innovative, hearing about such thing for first time.
Oh, haha you also in thorswap... seems like all lions have plan to make generational wealth this bull run from Rune.
Good day.
Hope it works as it says hehe.
Yes, been there since the Savers Vault was introduced. As for RUNE, I wish that was true but sad to say but I don't have much of it.😂
Security in the crypto space can never be emphasized, this is the reason I try to be extra careful before clicking on any link, but one can never be too careful haha
That's true and it's great that you are very cautious. Scammers and bad actors are deceptive so yes, we do need to be extra careful.
!LUV
It is important to make sure that our cryptocurrency assets are safe
Above all, we should not release our key phrase to anyone
Hold it like your life depends on it
That's right. Secure them where only us or authorized people have access.
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Security is top notch in the Crypto space and creating avenue for it makes it more important for investors to consider the Crypto space
I would not say it is top notch because people's wallets are still getting hacked. While there are security measures being implemented or used, bad actors are also updating their tactics and still deceive people :)
Thank you for your input. I appreciate it.
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