Defi white hats SEAL 911 introduce tool for sharing information
More than 30 experienced defi security professionals have announced the second phase of their web3 protection initiative, known as SEAL-ISAC. Paradigm researcher Samczsun has provided details on the expansion of SEAL 911, a Telegram bot that allows users to report defi hacks and crypto exploits in real-time. Since its launch last year, SEAL 911 has gathered a significant amount of information, including attacker wallet addresses and hack vectors.
Samczsun, also known as Sam, explained that although this data exists, there was previously no way to organize, correlate, and distribute it effectively. SEAL-ISAC aims to solve this problem, as stated by the researcher in an X thread on April 17. The ISAC concept is not limited to blockchains and cryptocurrencies, as any organization that encourages threat intelligence sharing may be eligible. Samczsun believes that SEAL-ISAC could serve the entire Web3 community in the same way that most Web2 financial firms utilize the FS-ISAC.
Collaboration between defi communities and crypto participants is seen as crucial for enhancing on-chain security, according to AMLBot CEO Slava Demchuk. SEAL-ISAC takes this principle to heart and collaborates with various blockchain stakeholders, including the Ethereum Foundation, Chainalysis, and MetaMask. The defi help desk has also received financial support from Vitalik Buterin and venture capital firm Andreessen Horowitz.
The formation of SEAL 911 came about in response to a series of defi hacks. It consists of numerous auditors, crypto whitehats, and security experts who work together to prevent such hacks. The initiative was launched in August last year after bad actors stole over $70 million from Curve, an Ethereum-based stablecoin exchange. This attack was just one of many, as criminal groups like North Korea’s Lazarus group managed to steal hundreds of millions of dollars in crypto from blockchain users. According to PeckShield analysts, hackers stole over $2 billion through 600 incidents last year.
In conclusion, SEAL-ISAC represents a significant step forward in the ongoing effort to protect the defi ecosystem. By collecting and organizing valuable threat intelligence, this initiative aims to enhance security and prevent future hacks. The collaboration between various blockchain stakeholders and the financial support from influential figures like Vitalik Buterin and Andreessen Horowitz demonstrate the importance of this initiative in the Web3 community.
