The Security Alliance (SEAL), a team of white-hat hackers, bolsters its efforts to secure the crypto space by launching SEAL-ISAC, a threat-sharing platform. Since its establishment in 2023, the SEAL team has recovered over $50 million in stolen assets.
SEAL ISAC: A Collaborative Approach to Crypto Security
On April 17, Paradigm’s white-hat hacker and head of security, Samczsun, announced the launch of SEAL-ISAC, the next initiative of the SEAL Org.
SEAL-ISAC is a free platform that is designed to safeguard against cyberattacks and financial crimes by providing valuable security intelligence and facilitating connections with experts.
Today, we’re launching the latest @_SEAL_Org initiative, and it’s going to change crypto security forever. It’s called SEAL-ISAC, and this is why we need it pic.twitter.com/Ra6Vl3jfd3
— samczsun (@samczsun) April 17, 2024
The platform offers a range of features, including threat intelligence sharing, analysis, and alerts; established best practices; incident coordination and response protocols; and educational resources on emerging security threats and mitigation strategies.
SEAL ISAC fosters collaboration within the crypto-cybersecurity community, connecting individuals with seasoned experts to discuss emerging threats, attack vectors, and effective response strategies.
Built on the open-source Open CTI platform, SEAL ISAC is free of charge and accessible to centralized and decentralized entities within the global cryptocurrency ecosystem.
SEAL ISAC integrates seamlessly with other SEAL initiatives, such as the SEAL 911 crypto security incident response channel. The SEAL 911 security incident response is a Telegram Messenger channel boasts a team of approximately 40 white-hat hackers who actively engage with reports of ongoing hacks to provide real-time assistance.
Notable participants in the platform include members from Chainalysis, the Ethereum Foundation, Filecoin Foundation, MetaMask, Polygon, Scroll, and Uniswap Labs, with additional support from leaders in the Ethereum, Polkadot, Solana, and other ecosystem communities.
Samczsun articulated the need for a centralized repository for threat intelligence within the crypto space, stating, “There are large swaths of threat intel hidden away in private messages and group chats, intel that might help in recovering funds, tracking down a threat actor, or identifying future victims.”
He further emphasized the necessity for a more efficient platform than existing communication channels like Telegram or Signal, hence the development of SEAL-ISAC.
Combating Crypto Cybersecurity Threats: The Origins of SEAL
In February 2024, Samczsun announced SEAL Org, introducing the Security Alliance, a pioneering organization dedicated to addressing crypto cybersecurity threats while offering a sanctuary for white-hat hackers.
Having personally been in countless situations where I asked myself that very same question, I decided it was finally the time to do something. In Web2, we have the concept of “safe harbor” for security researchers, and I wanted to bring that idea to Web3
— samczsun (@samczsun) February 14, 2024
Reflecting on his motivation for launching the initiative, Samczsun explained, “Having personally encountered numerous situations that demanded action, I felt compelled to make a difference.”
Inspired by the “safe harbor” concept for security researchers in Web2, Samczsun sought to establish a similar framework within the Web3 space.
The foundation for SEAL was laid in September 2023 with the launch of SEAL 911, a dedicated hotline for reporting crypto cyber threats. According to an official statement, SEAL has successfully recovered over $50 million in assets lost to cyberattacks.
Despite the prevalence of crypto-related hacks in recent years, the industry remains hopeful. The decline in hack losses throughout 2023 suggests a potential upswing for crypto markets.
Since 2016, over $7.7 billion has been stolen in crypto hacks, with the majority occurring during major exploits in 2021 and 2022, according to data from DefiLlama.