More than 14 crypto entities, such as Circle, Coinbase, Consensys, Fireblocks, and the Solana Foundation, have jointly established a crypto Information Sharing and Analysis Center (ISAC), according to a press release. Aleo, Evertas, Hedera, Kraken, Offchain Labs, Red Balloon Security, Ribbit Capital, and Trail of Bits are also among the ISAC’s founding members.
As highlighted by reporters earlier, cybercriminals have illicitly obtained more than $7.7 billion in digital assets since 2016. These significant losses underscore the industry’s susceptibility to malicious actors and cyber threats.
Justine Bone, executive director of Crypto ISAC, emphasizes that building broader public trust in blockchain security is crucial for widespread adoption of digital assets. This underscores the collaborative initiative to protect users from DeFi-related theft.
The ISAC’s primary goals include establishing trust, sharing impartial information, ensuring high-quality information distribution, fostering collaboration, and fortifying defenses against attackers.
Jeff Lunglhoger, Chief Information Security Officer at Coinbase, expressed that the ISAC marks a significant milestone in advancing global economic freedom through decentralized finance technologies.
Yet another Crypto ISAC
This institutional-backed ISAC is one of two initiatives launched this year to address on-chain security challenges. In April, a group of white hat actors unveiled the SEAL-ISAC, aimed at enhancing information sharing concerning DeFi hacks and compromises.
SEAL 911, the organization behind SEAL-ISAC, arose from the aftermath of a $73 million hack on the lending platform Curve Finance in the previous year. Led by Paradigm researcher Samczsun and a team of seasoned security experts, they developed a Telegram bot to assist hack victims both during and after attacks, serving as first responders in the crypto community.
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