Coinbase, Circle, Kraken Join Crypto’s New ‘Neighborhood Watch’ for Cyberthreats

Coinbase, Kraken and Circle are among the first members of a group created to improve cybersecurity in the cryptocurrency industry.

The information security and analysis center is the second such organization created for digital asset firms in as many months.

Crypto ISAC, an industry group formed earlier this month to protect against cyber threats and exploits, has announced its founding member organizations. There are many heavy players in the squad.

Crypto exchanges Coinbase and Kraken are among the first participants in the information security and analysis center, making it the second such organization to be created for digital asset firms in as many months. (The first, SEAL-ISAC, was released in April.)

Read more: Crypto Gets Another ‘Neighborhood Watch’ to Protect Against Hacks

Circle, the issuer of USDC, the second-largest stablecoin, is also part of the Crypto ISAC, the group announced Wednesday. So is the Solana Foundation, which is overseeing the development of the fifth-largest cryptocurrency; Consensys, an important software development company in the Ethereum ecosystem; venture investor Ribbit Capital; Crypto custody specialist Fireblocks; and Evertas, which writes insurance against crypto theft and led to the formation of ISAC.

Back to 2022: Crypto Insurance Firm Evertas Wins Lloyd’s of London Approval

ISACs are common in major industries such as financial services, defense and aerospace. They share intelligence about cyber vulnerabilities and incidents between businesses and governments and are often compared to neighborhood watch programs.

Crypto ISAC aims to not only prevent cybercrime, but also build legitimacy and credibility with government and law enforcement for an industry long considered a lawless Wild West. According to blockchain sleuthing firm Chainaliz, approximately $1.7 billion will be lost to hackers of crypto platforms in 2023.

Senior cybersecurity executives from Circle, Coinbase, Consensys, Fireblocks and Solana will attend CoinDesk’s Consensus 2024 event in Austin, Texas, on Wednesday to discuss their participation in ISAC. They will speak alongside information security maverick Justine Bone, who was recently hired as the organization’s chief executive, and Evertas founder and CEO Jared Gdanski.

Members of Crypto ISAC are:

aloe

Arbitration

Apartment

coinbase

consensus

evertas

fire blocks

Hedera

kraken

Red Balloon Security

Rib Capital

Solana Foundation

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