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In response to the escalating threat of cryptocurrency hacks, an elite group of ethical hackers has formed a specialized team named SEAL (Security Alliance). Led by Samczsun, a white hat hacker and Paradigm researcher, SEAL aims to enhance security measures and prevent breaches akin to those experienced in 2023.
Since its inception in August 2023 SEAL has processed over 900 tickets related to hacking incidents. The initiative focuses on fortifying {crypto} protocols against cyberattacks by creating a competitive environment for white hat hackers. This initiative will be prominently featured at the DeFi Security Summit during Devcon, scheduled to take place from November 7 to 9. The event, known as Battle.net, will serve as a platform for ethical hackers to challenge and improve the security of emerging protocols.
The creation of SEAL and its forthcoming event follows a significant hacking incident where over $230 million was stolen from the Indian cryptocurrency exchange WazirX, marking one of the largest breaches in 2024 to date. In light of these threats, SEAL has introduced the Whitehat Safe Harbor Agreement. This legal framework is designed to protect ethical hackers from legal repercussions arising from their efforts to recover stolen funds, as many jurisdictions have laws prohibiting unauthorized access to computer systems.
The need for such initiatives is underscored by the current trajectory of crypto-related hacks. By February 29, 2024, hackers had already stolen over $200 million, reflecting a more than 15% increase from the $173 million stolen during the same period in 2023. If this trend continues, the total losses from hacks this year are likely to surpass those of the previous year, according to Mar Guimenez-Aguilar, lead security architect at Halborn cybersecurity firm.
SEAL's efforts and the upcoming Battle.net event aim to address these growing security challenges by fostering collaboration and innovation in the fight against cyber threats in the cryptocurrency space.
