White Hat ‘SEAL’ Team Has Handled Over 900 Crypto Hack Investigations

• The Security Alliance (SEAL) has investigated over 900 hack-related cases since its launch in August 2023.
• SEAL's first event, Battle.net, will debut at the DeFi Security Summit at Devcon in November.
• SEAL published a framework protecting white hats to address the concerns about legal risks for ethical hackers.

SEAL is a team of white hat hackers that aims to strengthen defenses and provide a 24/7 emergency helpline for crypto hack victims. The team received over 900 hack-related tickets in a year.

Anti-Hack Crypto TeamUnauthorized access to computer data and systems, including rescuing stolen funds, is illegal under global cybersecurity laws. White hats are ethical security hackers who use their skills to rescue stolen funds.

Nearly one month after the WazirX security breach, Paradigm's researcher and white hat hacker launched an anti-hack initiative, SEAL, collaborating with cybersecurity leaders and other ethical hackers.

Chainalysis data shows crypto hacks remain a significant threat. Crypto theft surged in 2021 and 2022 due to numerous DeFi protocol and smart contract exploits.

Protecting White Hats

The anti-hack team is preparing to launch its first event, Battle.net, at the DeFi Security Summitat Devcon in early November. The team aims to create a battleground for emerging protocols and white hat hackers.

SEAL also published the White Safe Harbor Agreement, providing legal protection to white hats for recovering assets. If a blockchain protocol adopts this agreement, white hats can legally intervene in crypto hacks to aid their resolution.

While it's positive that overall losses have decreased, it's essential to note that DeFi faced significant challenges, accounting for 100% of total losses in Q1 2024.Mitchell Amador, Founder and CEO at Immunefi

Prolonged price declines can sometimes cause more destruction than hacks. Onchain security firm Immunefi reports that over 77.8% of tokens lost in value six months after the hack.

What We Learned

Recently, hacks have been a significant concern in the crypto space. Will crypto hacks surpass those in the previous year? The crypto ecosystem calls for robust security measures to protect investors' funds.

References

Funds Stolen from Crypto Platforms Fall More Than 50% in 2023, but Hacking Remains a Significant Threat as Number of Incidents Rises (Chainalysis)

Safe Harbour Initiative (GitHub)

Crypto Losses in July 2024 (Immunefi)

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