There are a lot of exciting developments taking place in the crypto space these days, and we are addressing the latest one. Check out the new reports that involve PayPal.
DeFi exploit protector raised $20 million
According to the latest reports, it’s been just revealed by the online pubcalition Blockworks that Chaos Labs, a risk management platform for DeFi protocols, was able to raise $20 million in seed funding from industry heavyweights.
The round was led by Galaxy and PayPal Ventures. It’s worth noting the fact that these included participation from Coinbase, Uniswap, Lightspeed, Bessemer, and angel investors Balaji Srinivasan and Naval Ravikant.
Another issue that is important to mention is the fact that Chaos’ fundraising comes after a record year of crypto-related hacks, including the Ronin Bridge attack and the Mango Markets exploit.
The New York-based startup made sure to explain that it was founded to solve such security issues and to secure protocols against vulnerabilities and market manipulation.
“As the world moves from the opacities of traditional finance to a more open DeFi system, financial risk management must advance accordingly,” CEO Omer Goldberg said in a statement.”
The same notes revealed the following:
“At Chaos Labs, we believe that every DeFi protocol must regularly conduct robust risk testing to verify and validate that their economic system is secure against hackers and unanticipated volatility.”
It’s also been reported by the same publication that we mentioned above the fact that Chaos claims its risk suite can boost DeFi protocol security through preventative measures and monitoring tools.
It seems that it provides teams with protocol-specific simulation models to test attack strategies and find their applicability and profitability.
Clients are also getting the option to receive suggestions on certain tactics that can be implemented in response to a hack.
“Goldberg recently claimed that Chaos’ software could’ve prevented the Mango Markets hack, which drained the platform of $114 million. Chaos already counts some of the most recognized DeFi players among its clients, including Aave, dYdX, Osmosis and Chainlink,” according to the same publication the we mentioned above.