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Paradigm’s Samczsun Launches Security Alliance for Crypto Cybercrime Victims | #cybercrime | #infosec | #hacking | #aihp

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| 2 min read

Image by ZayNyi, Adobe Stock.

A popular cybersecurity expert known by the pseudonym Samczsun has created a non-profit entity called Security Alliance (SEAL) for white-hat hackers in the crypto world.  Security Alliance is a group of white-hat hackers with the aim of protecting crypto projects from the growing risks of cyber attacks.

Samczsun, who works as Head of Security at the digital-asset investment company Paradigm, has been praised collectively by several developers and crypto leaders across the industry.

Samczsun’s Security Alliance Unveils Initiatives to Empower White-Hat Hackers and Enhance Blockchain Security

Security Alliance aims to empower “white-hat” hackers capable of recovering funds from exploiters, thus bolstering security in the blockchain space. The initiative brings together a team of blockchain security specialists to address security vulnerabilities in the crypto space.

Announced on February 14, Security Alliance (SEAL) boasts three ongoing projects, as outlined on its website. These include a hotline for requesting security response assistance called SEAL 911, a war games component designed to train developers in identifying and mitigating security risks termed SEAL WARGAMES, and perhaps most notably, the WHITEHAT SAFE HABOR AGREEMENT.

The Whitehat Safe Harbor Agreement stands out as a significant innovation offered by SEAL, providing legal protection and incentives for white-hat hackers to assist in rescuing funds under active exploit. The agreement, crafted to protect participants acting lawfully, competently, and in good faith, grants immunity from legal claims initiated by the protocol and its members.

Central to Security Alliance’s mission is the establishment of a 24/7 emergency hotline, offering immediate assistance to individuals grappling with security breaches. Moreover, the platform extends legal protection to white-hat hackers engaged in the rescue of funds from active exploits, thereby incentivizing their proactive involvement in safeguarding crypto assets.

In addition to crisis response measures, SEAL equips Web3 developers with invaluable resources through free red team exercises. These exercises simulate adversarial cyber attacks against an organization’s systems, enabling developers to identify vulnerabilities and enhance their preparedness to address potential threats effectively.

SEAL: Uniting Crypto Industry Leaders in the Fight Against Cyber Threats

The project has garnered significant support from donors and partners within the crypto industry. Notable names include the Ethereum Foundation, Vitalik Buterin, a16zcrypto, Paradigm, Electric Capital, and Coinbase. Also, a Bloomberg report revealed that Security Alliance has raised over $1 million, with Buterin alone contributing $500,000 to support its mission.

According to blockchain analysis company Chainalysis, cyberattacks led to approximately $1.7 billion in theft from cryptocurrency ventures in 2023. In their social media post, Samczsun shed light on the genesis of SEAL, citing the infamous Nomad hack as a pivotal event that catalyzed the initiative. Nomad, a crypto bridge, fell victim to a $190 million exploit involving numerous malicious actors in August 2022.

Reflecting on the chaotic aftermath of the hack, Samczsun expressed concern over the disparity between the audacity of attackers and the perceived risks faced by white-hat hackers seeking to intervene.

Although Samczsun is the sole individual participant officially listed on the organization’s website, the Security Alliance boasts a collective effort with several others identified as group members or supporters. Notably, many, including Samczsun, remain anonymous due to concerns over retaliation from malicious hackers after exposing security flaws. Ethical hackers, also known as white-hat hackers, delve into the code of various projects to identify and report vulnerabilities and bugs to the creators, often receiving compensation for their efforts.

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