Security Alliance: A New Nonprofit Empowering Ethical Hackers to Counter Cyber Exploitations
Summary:
Security Alliance, a US-based nonprofit, has been established to aid 'white hat' or ethical hackers in recovering funds lost to cyber exploiters. The organization is currently working on multiple projects, including the Whitehat Safe Harbor Agreement offering legal protection to ethical hackers. The group, inspired by the Nomad hack incident, boasts support from over 50 donors, including the Ethereum Foundation and Coinbase, and has raised over $1 million to date.
In the world of cryptocurrency, a celebrated step forward has been the establishment of Security Alliance, a US-based nonprofit organization designed to offer assistance to ethical, or "white hat", hackers who can retrace funds lost to cyber exploiters. The entity comprises a group of blockchain security consultants led by samczsun, who also occupies the position of security chief at the cryptocurrency-focused venture capital firm, Paradigm. The Security Alliance officially launched on February 14th. As per its official website, the Alliance is presently working on three distinct projects which include a helpline to provide a fast security response and a simulated conflict operation to better equip developers to handle potential security threats. The group's most significant contribution might be their Whitehat Safe Harbor Agreement, presenting both incentives and legal protection to 'white hat' hackers attempting to rescue funds while an exploitation is ongoing. This involves a preemptive agreement that encapsulates the following points: “Assuming you operate lawfully, competently and with integrity, the protocol and its members abandon the right to take legal action against you.” However, it also cautions that engaging in such agreements does not come without risks due to the intricate legal landscape. The Security Alliance was inspired by the Nomad hack incident in August 2022 and were dismayed by the lack of a legal framework that would have allowed ethical hackers to take action and possibly retrieve funds. Consequently, they decided to establish such a structure. The only individual member of Security Alliance mentioned on the website is samczsun, who, sticking to common security protocol, hides his real identity to evade potential retaliation. However, several others have proclaimed themselves as members of the group. The collective declared they’ve garnered support from over 50 donors and partners including notable figures like the Ethereum Foundation, Vitalik Buterin, a16zcrypto, Paradigm, Electric Capital and Coinbase. By the estimation of Bloomberg, the group has collectively raised over $1 million, with Buterin solely contributing half that amount. It is approximated that in 2023, cybernetic breaches and scams led to a loss of about $2.61 billion, from which only a small portion was recouped. This further highlights the persistent evolution in hacker technologies.
Published At
2/14/2024 9:36:36 PM
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