Over 30 defi security veterans announced phase two of their web3 protection initiative, SEAL-ISAC.
Researcher Samczun, who specializes in paradigm shifts, revealed updates on SEAL 911, a Telegram bot designed for first responders in the defi and crypto community. This tool enables real-time reporting of hacks and exploits. Since its debut last year, SEAL 911 has amassed significant data, including attacker wallet addresses and methods used in the breaches.
Significant amounts of threat intelligence reside in private messages and chat groups. This information could be valuable in returning stolen funds, pinpointing the source of an attacker, or predicting potential future targets.
Samczsun, Paradigm researcher and SEAL 911 member
Today marks the unveiling of our newest project at SEAL Org: SEAL-ISAC. This game-changing innovation will revolutionize the realm of crypto security. Let me explain why it’s essential.
— samczsun (@samczsun) April 17, 2024
Samczun, commonly referred to as Sam, pointed out that although we have this vast amount of data, there was no practical solution for sorting, linking, and disseminating the information before SEAL-ISAC came along. The researcher expressed this in a post on X’s April 17 thread.
The concept of ISAC (Information Sharing and Analysis Center) is not limited to blockchains and cryptocurrencies. Any organization that promotes intelligence sharing about threats can be considered under this umbrella. Many Web2 financial companies utilize FS-ISAC, and according to Samczsun, SEAL-ISAC could potentially provide the same benefits for all of Web3.
In simpler terms, the CEO of AMLBot, Slava Demchuk, has shared with crypto.news that teamwork between DeFi groups and crypto users is crucial for enhancing the security of transactions conducted on the blockchain.
SEAL-ISAC collaborates closely with various key players in the blockchain community, including the Ethereum Foundation, Chainalysis, MetaMask, as well as receiving financial backing from Vitalik Buterin and Andreessen Horowitz.
Just as with other SEAL programs, you’re welcome to join SEAL-ISAC at no cost. We only require a brief application.
— samczsun (@samczsun) April 17, 2024
SEAL 911 assembled after defi hack onslaught
SEAL Team 911 is made up of numerous auditors, ethical cryptocurrency users, and security professionals working together to prevent hacks in the decentralized finance (defi) sector. This initiative was initiated in August of the previous year following a theft of over $70 million worth of cryptocurrency from the Ethereum-based stablecoin exchange Curve by malicious actors.
Last year,Curve Finance was among various other targets for cybercriminals, with notorious groups like North Korea’s Lazarus team stealing hundreds of millions in cryptocurrency from blockchain users. According to Peckshield’s analysis, over $2 billion was taken from approximately 600 reported incidents.
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2024-04-17 23:34