Reading Time: 2 minutes
White hat hackers in the web3 scene have united to form an outfit recognized in the United States
Known as Security Alliance (SEAL), the group will work with companies looking to recover funds after an exploit
Security Alliance is currently headed by venture capital firm Paradigm’s on-chain security head
Web3 white hat hackers are now recognized in the United States after they formed and launched a non-profit organization known as Security Alliance (SEAL). Among the outfit’s outlined duties include working with crypto and blockchain projects seeking to recover funds after or during an active exploit. Headed by Paradigm Capital’s on-chain security head, samczsun, it offers legal protection for its members involved in recovering stolen funds or finding vulnerabilities in a web3 project, an offering that may motivate more entities to help secure and recover stolen funds.
Buterin Helped Get SEAL Off the Ground
To qualify for protection, a SEAL member must conduct their “hacking” in good faith, and “act lawfully and competently.” The alliance, however, warned that it can’t cover all corners of the law saying that the “legal landscape is complex.”
According to its founders, the move was motivated by the Nomad hack where $190 million was drained. Although some white hat hackers helped recover some of the funds, others feared getting involved due to the lack of a clear legal framework.
SEAL’s head disclosed that Ethereum co-founder Vitalik Buterin was among entities that helped get the outfit “off the ground.” The alliance has over 30 members including top names like on-chain sleuth ZachXBT.
First and foremost, a huge shoutout to @matthuang, who supported me with both time and resources as I worked to get SEAL off the ground. @hosseeb, @hudsonjameson, @milesjennings, and @VitalikButerin were also instrumental in helping make SEAL more than just a Telegram group chat
— samczsun (@samczsun) February 14, 2024
Uniswap Labs and Coinbase Involved
According to Bloomberg, Ethereum contributed half of the money raised by donors. Others that have declared support or were involved in the organization’s creation include Uniswap’s developer Uniswap Labs and crypto exchange Coinbase.
SEALing the deal with @samczsun 💘
Uniswap Labs is proud to support the Security Alliance (SEAL), empowering white hat hackers to keep crypto safe and secure pic.twitter.com/NHgmclIdcG
— Uniswap Labs 🦄 (@Uniswap) February 14, 2024
The alliance comes two months after a report emerged that malicious actors stole close to $2 billion in 2023. It also comes at a time when hackers and scammers are using employment scams and wallet drainers to siphon more funds from unsuspecting web3 users.
With the alliance supported by respected names in the blockchain space, it’s to be seen how it will help reduce the amount of lost funds during or after an exploit.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FullCrypto – https://fullycrypto.com/web3-white-hat-hackers-unite-to-form-security-alliance?utm_source=rss&utm_medium=rss&utm_campaign=web3-white-hat-hackers-unite-to-form-security-alliance
