Major Crypto Firms Unite for Web3 Security
Over 14 prominent crypto entities, including Circle, Coinbase, Consensys, Fireblocks, and the Solana Foundation, have come together to launch a Crypto Information Sharing and Analysis Center (ISAC), according to a recent press release. Other founding members of this initiative include Aleo, Evertas, Hedera, Kraken, Offchain Labs, Red Balloon Security, Ribbit Capital, and Trail of Bits.
Industry-Wide Collaboration to Combat Cyber Threats
Hackers have stolen over $7.7 billion in digital assets since 2016, highlighting the industry’s vulnerability to cybercriminals. The launch of Crypto Information Sharing and Analysis Cente is a direct response to these significant security challenges.
Justine Bone, the executive director of Crypto ISAC, emphasized the importance of public trust in blockchain security for the mass adoption of digital assets. She noted that this collaborative effort is crucial to protecting users from decentralized finance (defi) thieves.
Objectives of thFe Crypto
The Crypto ISAC will focus on five primary objectives:
- Building a trusted environment for security discussions.
- Sharing unbiased and accurate information about security threats.
- Managing the quality and dissemination of information.
- Encouraging collaboration among crypto entities.
- Enhancing resilience against cyber attackers.
Coinbase’s Chief Information Security Officer, Jeff Lunglhoger, described the ISAC’s formation as a landmark moment in the journey to support global economic freedom through decentralized finance technologies.
Another Crypto ISAC Initiative
The institutional-backed them is one of two such initiatives launched this year to address on-chain security issues. In April, a group of white-hat actors introduced the SEAL-ISAC to strengthen information sharing related to defi hacks and compromises.
SEAL 911, the organization behind SEAL-ISAC, was formed in response to a $73 million hack on the lending platform Curve Finance last year. Paradigm researcher Samczsun and a team of security veterans created a first-responder Telegram bot to assist hack victims during and after cyber attacks.
