Over 30 defi security veterans have announced the launch of phase two of their web3 protection initiative, SEAL-ISAC.

Paradigm researcher Samczsun has shared details on the expansion of SEAL 911, a first responder Telegram bot that allows users to report defi hacks and crypto exploits in real-time. Since its launch last year, SEAL 911 has collected valuable information, including attacker wallet addresses and hack vectors.

“There are large swaths of threat intel hidden away in private messages and group chats, intel that might help in recovering funds, tracking down a threat actor, or identifying future victims.” – Samczsun, Paradigm researcher and SEAL 911 member

Samczsun explained that while there is a trove of data available, there was previously no means to organize, correlate, and distribute this information. SEAL-ISAC aims to solve this problem, as stated by the researcher in a thread on April 17.

The ISAC concept is not limited to blockchains and cryptocurrencies. Any organization that promotes threat intel sharing may fall under this category. Most Web2 financial firms utilize the FS-ISAC, and Samczsun believes SEAL-ISAC could benefit all of Web3 in a similar manner.

SEAL-ISAC has garnered support from various blockchain stakeholders, including the Ethereum Foundation, Chainlysis, and MetaMask. Financial backing 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 Curve Finance, an Ethereum-based stablecoin exchange. The initiative comprises auditors, whitehats, and security experts working together to prevent defi hacks.

“Collaboration between defi communities and crypto participants is crucial for improving on-chain security.” – AMLBot CEO Slava Demchuk

SEAL-ISAC is accessible for free, with a short application process required to gain access to the initiative.

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