SEAL Initiative: Strengthening Web3 Security with Prominent Collaborators>
Crypto News – blockster.com
The Security Alliance (SEAL) publicly launched with over 50 groups joining forces to enhance cybersecurity across crypto/Web3\) SEAL introduced a Request for Comment on a Whitehat Safe Harbor Agreement to protect whitehat hackers defending protocols and funds during exploits.
Crypto thefts surged in 2022 (3\)7B stolen) and 2023 (231 incidents), though funds stolen dropped to 1\)7B.
Whitehats prevented further Nomad losses, enabling $38\)8M recovery.
The Safe Harbor Agreement offers a framework for whitehats to legally intervene in exploits by returning funds and acting when attacks are imminent/underway.
Rewards are outlined, with bounties typically 10% or a $10M max.
The agreement, authored by legal experts, shields whitehats from legal action if terms are followed.
It has garnered backing from leading crypto funds and projects.
Parity Technologies’ CISO highlighted the agreement empowers projects to mitigate incidents and gives researchers/whitehats a platform to utilize expertise countering exploits.
The goal is to foster collaboration between ecosystems, adapt to evolving threats, and continuously improve user security across Web3\)
Major backers include Parity Technologies, Ethereum Foundation, and a16z, showing influential support for SEAL’s mission of strengthening Web3 cybersecurity.
Link: https://cryptonews.net/news/blockchain/28558866