Crypto giants have united to share knowledge to address security issues in the decentralized ecosystem.
According to a news release, an information sharing and analysis center (ISAC) for cryptocurrency has been established by over 14 businesses, including the Solana Foundation, Fireblocks, Consensys, Coinbase, Circle, and others.
Among the original members of the ISAC are Aleo, Evertas, Hedera, Kraken, Offchain Labs, Red Balloon Security, Ribbit Capital, and Trail of Bits. Since 2016, hackers have taken more than $7.7 billion in digital assets, as previously reported.
The enormous losses show that dishonest people and fraudsters are targeting this industry. Executive director of Crypto ISAC Justine Bone claims that increased public confidence in blockchain security is essential for the widespread use of digital assets, which is why there is a cooperative effort to protect consumers from defi criminals.
The construction of a trustworthy environment, the exchange of objective information, the management of the transmission of high-quality information, the promotion of collaboration, and the defense against attackers are the five primary goals that the ISAC will concentrate on.
According to Jeff Lunglhoger, chief information security officer at Coinbase, the ISAC represents a turning point in developing decentralized finance technologies that promote worldwide economic freedom.
The institutional-backed ISAC is one of two such initiatives formed this year to combat on-chain security debacles. A group of white hat hackers announced the SEAL-ISAC in April to enhance information exchange about defi attacks and compromises.
The organization behind SEAL-ISAC, SEAL 911, was born from the $73 million breach on the lending site Curve Finance the previous year. A first-responder Telegram bot was developed by paradigm researcher Samczsun and a group of seasoned security experts to assist hacking victims during and after attacks.
