A white hat hacker pseudonymously known as Samczsun, who is also Head of Security at the crypto venture firm Paradigm, has created a new crypto security operation.
The Security Alliance, also known as SEAL Org, allows crypto users affected by a hack or other security incident access to a 24/7 emergency hotline. The platform also gives white hat hackers legal protection when rescuing funds under active exploit and provides web3 developers free red team exercises, which simulate an adversarial cyber attack against an organization’s systems to ascertain vulnerabilities and prepare efficient responses.
“It all started from the Nomad hack,” Samczsun explained in a Wednesday social media thread. Nomad is a crypto bridge that experienced a $190 million exploit, comprised of hundreds of bad actors, in August 2022.
War room
“The war room was stressful, and the security community collectively looked back and wondered, ‘how did we get to a point where random people felt comfortable stealing money from the bridge, but white hats felt it was too risky to intervene?'” Samczsun continued.
Donors and partners for Security Alliance include the Ethereum Foundation, a16z crypto, Paradigm, Vitalik Buterin, Filecoin Foundation, Coinbase, Dragonfly, Framework, Electric Capital and others, according to its website.
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