Crypto ISAC launched to bolster web3 security 

Crypto giants have come together to address security concerns in the decentralized ecosystem through an information sharing initiative.

More than 14 crypto entities, including Circle, Coinbase, Consensys, Fireblocks, and Solana Foundation, have launched a crypto information sharing and analysis center (ISAC) via a press release. Aleo, Evertas, Hedera, Kraken, Offchain Labs, Red Balloon Security, Ribbit Capital and Trail of Bits are also among the founding members of ISAC.

As crypto.news previously reported, hackers have stolen over $7.7 billion in digital assets since 2016. The staggering losses show that the industry is a target for bad actors and cybercriminals.

Broader public trust in blockchain security is key to mass digital asset adoption and fosters collaborative effort to protect users from identity thieves, according to Justine Bone, managing director of Crypto ISAC.

ISAC will focus on five main goals, including creating a trustworthy environment, impartial information sharing, managing the distribution of quality information, promoting collaboration, and resilience against attackers.

Coinbase’s chief information security officer, Jeff Lunglhoger, said it was a milestone in ISAC’s journey to support global economic freedom through decentralized financial technologies.

Another crypto ISAC

The corporate-backed ISAC is one of two initiatives created this year to combat on-chain security fiascos. In April, a team of white hat players announced SEAL-ISAC to strengthen information sharing regarding Defi hacks and compromises.

SEAL 911, the group behind SEAL-ISAC, emerged in the crucible of last year’s $73 million attack on lending platform Curve Finance. Paradigm researcher Samczsun and a group of security experts created a first responder Telegram bot to help hack victims during and after attacks.