Leading crypto organizations have joined forces to tackle security challenges within the decentralized ecosystem through an initiative focused on sharing information.
In a recent press release, more than 14 crypto entities, including Circle, Coinbase, Consensys, Fireblocks, and the Solana Foundation, announced the launch of a Crypto Information Sharing and Analysis Center (ISAC). Founding members also include Aleo, Evertas, Hedera, Kraken, Offchain Labs, Red Balloon Security, Ribbit Capital, and Trail of Bits.
As previously reported by crypto.news, hackers have stolen over $7.7 billion in digital assets since 2016. These significant losses highlight the industry’s vulnerability to bad actors and cybercriminals.
According to Justine Bone, Executive Director of Crypto ISAC, establishing broader public trust in blockchain security is crucial for widespread adoption of digital assets. This collaborative effort aims to protect users from DeFi theft.
The ISAC’s objectives include creating a trusted environment, sharing unbiased information, ensuring quality information dissemination, promoting collaboration, and enhancing resilience against attackers.
Jeff Lunglhoger, Chief Information Security Officer at Coinbase, described the ISAC as a significant milestone in supporting global economic freedom through decentralized finance technologies.
Another Crypto ISAC
The institutional-backed ISAC is one of two initiatives formed this year to address on-chain security issues. In April, a group of white hat actors announced the SEAL-ISAC to improve information sharing related to DeFi hacks and compromises.
SEAL 911, the team behind SEAL-ISAC, was established following a $73 million hack on the lending platform Curve Finance last year. Led by Paradigm researcher Samczsun and a team of security experts, SEAL-ISAC aims to provide assistance to hack victims during and after attacks through a first-responder Telegram bot.
Summary Review: The establishment of the Crypto Information Sharing and Analysis Center (ISAC) marks a pivotal step forward in bolstering security within the decentralized ecosystem. By fostering collaboration among leading crypto organizations, the ISAC aims to address the pressing security concerns that have plagued the industry. With a focus on sharing information, promoting collaboration, and enhancing resilience against attackers, the ISAC endeavors to build a more trusted and secure environment for all participants in the crypto space. As the crypto community continues to unite in the fight against cyber threats, initiatives like the ISAC serve as crucial pillars in safeguarding the future of decentralized finance and blockchain technologies.
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