A group of white hat hackers, the Security Alliance (SEAL), have introduced a threat-sharing platform to assist the cryptocurrency industry against hacks and scams.
On April 17, the alliance unveiled SEAL-ISAC, a free Information Sharing and Analysis Center (ISAC) designed specifically for cryptocurrencies to safeguard against financial crimes and cyberattacks by providing security intelligence and expert connections.
Information sharing, threat analysis and alerts, best practices, incident coordination and response, and education on security threats and best practices are among its functionalities.
As early participants, nearly two dozen prominent cryptocurrency organizations have joined the initiative, including the Ethereum Foundation, Polygon, Uniswap Labs, Chainalysis, and MetaMask.
Open CTI, an open-source cyber threat intelligence platform, serves as the platform’s foundation, assisting decentralized and centralized crypto entities.
The ISAC operates with SEAL’s additional endeavours, including SEAL 911 crypto security incident response, which utilizes a Telegram messenger channel to receive real-time assistance from approximately forty white hat hackers in response to reports of ongoing breaches.
A decline in breach losses in 2023 will position cryptocurrency markets to commence a new bullish cycle.
As of 2016, crypto hacks have resulted in a loss of over $7.7 billion, with significant exploits in 2021 and 2022 accounting for most of the theft, according to DefiLlama.
Samczsun, chief of security for Paradigm and a SEAL team member, told Cointelegraph Magazine in March that the escalating difficulty of hacks involving cryptocurrencies is “equivalent to completing a college-level course on quadratic equations.”
“Although things are becoming more difficult, this is a positive sign that we are compelling hackers to solve increasingly complex problems,” they continued.
