🌎 Crypto Giants Launch ISAC to Bolster Blockchain Security

Crypto giants have united to address security concerns within the decentralized ecosystem through an information-sharing initiative. Over 14 crypto entities, including Circle, Coinbase, Consensys, Fireblocks, and the Solana Foundation, have launched a crypto information sharing and analysis center (ISAC). Aleo, Evertas, Hedera, Kraken, Offchain Labs, Red Balloon Security, Ribbit Capital, and Trail of Bits are also among the ISAC’s founding members.

Hackers have stolen over $7.7 billion in digital assets since 2016, indicating that the industry is a target for cybercriminals. According to Crypto ISAC executive director Justine Bone, wider public trust in blockchain security is crucial for mass digital asset adoption, prompting this collaborative effort to protect users from threats.

Main Objectives of the ISAC

The ISAC will focus on five main objectives:

Building a trusted environment
Sharing unbiased information
Managing quality information dissemination
Encouraging collaboration
Resilience against attackers

Coinbase chief information security officer, Jeff Lunglhoger, noted that the ISAC is a significant step in supporting global economic freedom through decentralized finance technologies.

Another Crypto ISAC Initiative

The institutional-backed ISAC is one of two such initiatives formed this year to combat on-chain security issues. In April, a team of white-hat actors announced the SEAL-ISAC to strengthen information sharing related to defi hacks and compromises. SEAL 911, the group behind SEAL-ISAC, emerged following a $73 million hack on lending platform Curve Finance last year. Paradigm researcher Samczsun and a team of security veterans created a first-responder Telegram bot to assist hack victims during and after attacks.