The Security Alliance is a non-governmental and non-profit organization created to serve the crypto community.
The cryptocurrency industry has seen the birth of a new organization, which is focused on ensuring the safety and security of cryptocurrency users.
The new organization, chaired by “Samczsun”, the software developer and white hat hacker known for his work as Paradigm's security chief, was created with the aim of offer the crypto community a free security service, which will be available 24/7, to address any security incident related to digital assets.
According to Official site Of the new organization, Samczsun and a set of developers and cybersecurity experts will offer an emergency hotline to efficiently respond to the security needs of cryptocurrency users.
From this emergency line, the Security Alliance aims to resolve security incidents and cases of cybercrime in the crypto world, including hacks and exploited vulnerabilities in blockchain protocols.
Vitalik Buterin and other prominent names make up the Security Alliance
Several of the most prominent players in the cryptocurrency industry are part of this new alliance. Vitalik Buterin, co-founder of Ethereum; Hudson Jameson, vice president of Polygon Labs and Avichal Garg, co-founder of Electric Capital, are among the founding members of the Security Alliance.
Likewise, companies Paradigm, Ethereum Foundation, a16z Crypto, Filecoin Foundation, Coinbase, Dragonfly, Framework and Electric Capital They are part of this new organization.
The Security Alliance emerged in response to the hack that the Nomad platform suffered in 2022, in which nearly $190 million in crypto assets were affected.
Samczsun explained that this hack, one of the largest to occur in the blockchain industry, was the starting point for the creation of this new non-governmental organization.
An emergency service that strengthens security and trust in Web3
The Security Alliance emergency hotline will function similarly to the 911 emergency line. That is, this crypto industry emergency line will concentrate all the cybersecurity demands of cryptocurrency users and will be operational 24 hours a day, 7 days a week.
Samczsun emphasized that this hotline will respond effectively and efficiently to users when they are hacked or scammed by bad actors.
“Previously, if you didn't have a trusted security researcher on speed dial, you were out of luck. Now, the entire SEAL 911 team is just a Telegram message away,” said Samczsun.
To ensure comprehensive and efficient attention, the Security Alliance has incorporated incentives to motivate white hat hackers to participate in this initiative, as well as training, competitions and challenges, which are planned to train and prepare hackers and cybersecurity researchers. for the worst situations that could arise in the crypto industry.
According to Samczsun, so far, practice exercises have been carried out with the DeFi protocols Compound Finance, Aave and Yearn Finance.
The creation of this non-profit organization focused on the security of the crypto industry is of utmost importance, especially considering that new protocols and projects, which are barely being developed and are in experimental stages, such as the recently launched ERC-404 and DN404 standards, are attracting great interest from cryptocurrency users and investors.
As reported by this medium, these new semi-fungible token standards in Ethereum are not audited, so any possible vulnerability may exist that affects the security and stability of users.
Continue reading: DN404, the evolution of the Ethereum standard for NFTs
