A group of more than 30 experts in defi security have announced the second phase of their web3 protection project, SEAL-ISAC.
Samczsun, a researcher in the field, shared information about the expansion of SEAL 911, a Telegram bot designed for first responders. This bot allows users to report defi hacks and crypto exploits in real-time. Since its launch last year, SEAL 911 has gathered a wealth of information including attacker wallet addresses and hack vectors.
Samczsun, also known as Sam, explained that while this data has been collected, there was previously no efficient way to organize, correlate, and share it. In an X thread on April 17, the researcher stated that SEAL-ISAC addresses this issue.
The concept of ISAC is not limited to blockchain and cryptocurrencies. Any organization focused on sharing threat intelligence may fall under this category. Samczsun believes that just as most Web2 financial firms utilize the FS-ISAC, SEAL-ISAC could benefit the entire Web3 community.
According to AMLBot CEO Slava Demchuk, collaboration between defi communities and crypto participants is crucial for enhancing on-chain security.
SEAL-ISAC collaborates with various blockchain stakeholders such as the Ethereum Foundation, Chainalysis, and MetaMask. Financial support for the defi help desk has been confirmed from Vitalik Buterin and venture capital firm Andreessen Horowitz.
SEAL 911 was established in response to a series of defi hacks, including the theft of over $70 million from the Ethereum-based stablecoin exchange Curve Finance. This was just one of many attacks, with groups like North Korea’s Lazarus group stealing hundreds of millions in crypto from users. Analysts estimated that hackers stole over $2 billion from 600 incidents last year.
In 2023, North Korea set a new record for the number of crypto hacks.