Ethical Hackers Recover $50M, Launch Threat-Sharing Platform to Protect Cryptocurrency Sphere
Summary:
The Security Alliance (SEAL), a team of ethical hackers, has successfully restored $50 million in assets since 2023 and has launched the SEAL-ISAC platform aimed at informational sharing and threat analysis for the crypto world. Several major crypto institutions have joined the initiative, which expands SEAL's existing initiatives, including a real-time crypto security incident response. The complexity of crypto-related hacks is increasing, according to SEAL team member Samczsun.
The Security Alliance (SEAL), a group of ethical hackers, has claimed a triumphant retrieval of $50 million in assets since its establishment in 2023, also launching a unique platform for threat-sharing to bolster the crypto sphere. On the 17th of April, the group announced the origination of their complimentary Information Sharing and Analysis Center (ISAC), also known as SEAL-ISAC, an initiative deliberately conceived for the crypto sector to fend off cyber invasions and financial delinquencies through superior security intelligence and access to specialists. The platform encompasses features such as information pooling, threat scrutinizing and alerting, best practice sharing, dictating responses and coordinating incidents, along with education about optimal security practices and threats.
Nearly two dozen prominent crypto institutions like the Ethereum Foundation, Polygon, Uniswap Labs, Chainalysis, and MetaMask are part of this initiative from the beginning. The platform is grounded on the open-source Open Cyber Threat Intelligence Platform (Open CTI) and supports both centralized and decentralized crypto entities.
The ISAC expands the reach of SEAL’s other undertakings, especially its SEAL 911 crypto security incident response, which is a Telegram messenger channel manned by a team of approximately 40 ethical hackers that are everready to receive reports of ongoing hacks and help out in realtime.
Related: The decline in Crypto hack losses in 2023 by 51% shows an upward trajectory for the future of crypto markets. Since 2016, over $7.7 billion has been siphoned off through crypto invasions, with a significant chunk of this devastation perpetrated during the years 2021 and 2022, reports DefiLlama. The graph below shows the total value of crypto hacked since 2017. Source: DefiLlama
Paradigm's security head and SEAL team member, identified as "Samczsun," quipped to Cointelegraph Magazine in March that the escalating complexity of crypto-related invasions is akin to solving quadratic equations at the college level.
“The challenges are mounting, but the bright side is that we are pushing hackers into solving increasingly complex problems,” he added.
In related news, a team of ethical hackers named 'SEAL 911' has formed to thwart crypto hacks in real time.
Published At
4/17/2024 5:00:00 PM
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