More than 30 DeFi security veterans announced Phase 2 of SEAL-ISAC, a Web3 protection initiative.
Paradigm researcher Samczsun shared details about the expansion of SEAL 911, a first-response Telegram bot that allows users to report DeFi hacks and cryptocurrency attacks in real time. White hackers say SEAL 911 has collected piles of information, such as attackers’ wallet addresses and hacking vectors, since its launch last year.
“Private messages and group chats hide information that can help recover funds, track threat actors, and identify future victims.”
Samczsun, Paradigm researcher and SEAL 911 member
Samczsun, also known as Sam, explained that although this vast amount of data exists, the means to organize, relate and distribute the information have not previously been available. SEAL-ISAC solves this problem, the researchers wrote in the April 17 X thread.
ISAC ideas are not limited to blockchain and cryptocurrency. Any organization that promotes the sharing of threat information may fall into this category. Most Web2 finance companies leverage FS-ISAC, and Samczsun believes SEAL-ISAC can serve all Web3s in the same way.
AMLBot CEO Slava Demchuk previously told crypto.news that collaboration between the DeFi community and cryptocurrency participants is paramount to improving on-chain security.
Based on the investigation, SEAL-ISAC liaises with several blockchain stakeholders such as the Ethereum (ETH) Foundation, Chainlytic, and MetaMask. The DeFi help desk also confirmed financial support provided by Vitalik Buterin and venture capital powerhouse Andreessen Horowitz.
SEAL 911 assembled after DEFI hacking attack
SEAL 911 is made up of dozens of auditors, cryptocurrency white hackers, and security experts to prevent DeFi hacks. The idea originated in August last year after malicious actors stole more than $70 million from Ethereum-based stablecoin exchange Curve.
Curve Finance was just one of several attacks at the time, as criminals like North Korea’s Lazarus group stole hundreds of millions of dollars in cryptocurrency from blockchain users. Peckshiled analysts estimated that hackers stole more than $2 billion in 600 incidents last year.