EDISON, N.J.--(BUSINESS WIRE)--BlockSafe Technologies, Inc., (BlockSafe) the company that secures the blockchain ecosystem, today announced the availability of CryptoDefender™ for desktop computers, dedicated to protecting crypto wallets from cyber-attacks. It is first in a suite of products that will ensure the integrity of crypto wallets, exchanges and private blockchains. BlockSafe is launching this product now as the universe of crypto users, which is 24 million strong and growing to 200 million by 2024. Over $1.1 billion has been stolen in the first six months of 2018. Market watchers expect this figure to continue to grow dramatically into the foreseeable future.
“Private Blockchains, exchanges and crypto wallets are not as secure as one might think,” explained George Waller, CEO of BlockSafe. “Every time you log onto your wallet, you’re opening a window to a cyber-attack. If your coins are stolen in most cases there is absolutely no recourse, no insurance, no recovery and very little that law enforcement can do. The value is gone. It is a security gap that we are closing with the industry’s most comprehensive solution that can put a halt on ongoing breaches to crypto wallets, crypto-exchanges and private blockchains.”
In a recent report on Blockchain Governance, Bloor Research’s David Norfolk says, “One of the chief issues around a secure technology (such as Blockchain is capable of being) is that it becomes trusted – and if someone puts corrupt garbage into it, the garbage that comes out is probably trusted too." Highlighting BlockSafe's efforts to bring trust to the blockchain ecosystem, he adds, “I think that some such governance technology is badly needed, and sooner rather than later.”
CryptoDefender™ protects against cyber threats to crypto wallets by proactively preventing malware from harming computers. This solution is unique in that it assumes that malware already exists on the device and encrypts everything typed onto keyboards. CryptoDefender™ for mobile devices will soon be available for iOS and Android platforms.
CryptoDefender™ has several critical features that work together: keystroke encryption prevents spying and clipboard while copy protection prevents malware from monitoring the clipboard and copying the contents. The anti-screen capture feature prevents screen-scraping malware from surreptitiously taking screenshots of information, and anti-clickjacking displays hidden frames or frames originating from a potentially malicious domain.
BlockSafe is licensing patented security solutions for CryptoDefender™ from StrikeForce Technologies, Inc (OTC: SFOR), a leading provider of cyber security solutions for consumers, corporations, and government agencies. Licensing this technology brings to bear millions of dollars in R&D and 17 years of advanced and tested cyber technology from StrikeForce, for which BlockSafe pays StrikeForce a monthly fee.
Cyber ID Guard, LLC (Cyber ID Guard) will be selling CryptoDefender™ through multiple online channels. “We’re excited to be early adopters of what we strongly believe will be a core technology allowing blockchains, exchanges and crypto wallets to thrive,” said Chuck Crabb, CEO of Cyber ID Guard.
Securitized Token Offering
BlockSafe Technologies is planning a Securitized Token Offering (STO, formerly known as an ICO), to raise approximately $35M over the coming months. BlockSafe’s “BSAFE™” security token will be a revenue participation token, paying a passive income to all token holders.
The funds will be used to commercialize and market our blockchain eco-system security solutions, including CryptoDefender™ for desktop and mobile. The others include:
- ExchangeDefender™ comprises two products to protect the internal systems of crypto exchanges. The solution marries CryptoDefender’s™ keystroke encryption technology along with ProtectID’s Multi-Factor Out-of-Band authentication, offering exchanges two of the most powerful anti-breach solutions.
- BlockchainDefender™, which caters to enterprises and industry consortia, bringing access control, policy enforcement & transaction verification to ensure security for private blockchains.
About BlockSafe Technologies, Inc.
BlockSafe is the company that secures the blockchain ecosystem with a suite of solutions that protect against an array of cyber vulnerabilities. The company is headquartered in Edison, New Jersey. For more information, visit www.blocksafetech.com.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the sales of the company's identity protection software products into various channels and market sectors, the issuance of the company's pending patent application, and the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the company.