Stelo Labs

Stelo Labs was a web3 security company focused on protecting cryptocurrency users from phishing, scams, and malicious transactions. The company was founded in 2022 by CEO Ben Scharfstein, who previously worked in product management at Google, and CTO Aman Dhesi, who held similar roles at Facebook, DoorDash, and Square.

The firm's core product was a browser extension that acted as a firewall for crypto wallets on Ethereum-based networks. It worked by simulating transactions and translating complex data into a human-readable format, allowing users to understand what they were signing before approving it. The system would analyze interactions for risks, check for malicious patterns, and provide contextual information on the assets and contracts involved, without ever accessing a user's private keys or seed phrase. In February 2023, Stelo Labs announced it had raised $6 million in a seed funding round led by Andreessen Horowitz (a16z), with participation from First Round Capital, Opensea Ventures, and other angel investors. The company also released an API for developers and a token approval tool called Approvals.xyz.

Despite its initial funding and product development, Stelo Labs announced it would shut down in October 2023. At the time of the funding announcement, the company stated its tools had protected thousands of wallets holding assets collectively worth over $100 million.

Keywords: web3 security, crypto wallet protection, anti-phishing, transaction simulation, Ethereum security, malicious transaction prevention, DeFi security, NFT security, blockchain security, Ben Scharfstein, Aman Dhesi, a16z, crypto scams, wallet firewall, seed round, digital asset protection, smart contract analysis, token approval, on-chain security, dApp security