Crypto giants have banded together to address security concerns within the decentralized ecosystem through an information-sharing initiative. 

Over 14 crypto entities including, Circle, Coinbase, Consensys, Fireblocks, and the Solana Foundation have launched a crypto information sharing and analysis center (ISAC) per a press release. Aleo, Evertas, Hedera, Kraken, Offchain Labs, Red Balloon Security, Ribbit Capital, and Trail of Bits also rank among the ISAC’s founding members. 

As crypto.news previously reported, hackers have stolen over $7.7 billion in digital assets since 2016. The staggering losses indicate that the industry is a target for bad actors and cybercriminals.

According to Crypto ISAC executive director Justine Bone, wider public trust in blockchain security is key for mass digital asset adoption, prompting the collaborative effort to bulwark users from defi thieves. 

The ISAC will focus on five main objectives including building a trusted environment, sharing unbiased information, managing quality information dissemination, encouraging collaboration, and resilience against attackers. 

Coinbase chief information security officer, Jeff Lunglhoger, said the ISAC is a landmark moment in the journey to support global economic freedom through decentralized finance technologies. 

Another crypto ISAC

The institutional-backed ISAC is one of two such initiatives formed this year to combat on-chain security debacles. In April, a team of white hat actors announced the SEAL-ISAC to strengthen information sharing related to defi hacks and compromises. 

SEAL 911, the group behind SEAL-ISAC, emerged in the crucible of a $73 million hack on lending platform Curve Finance last year. Paradigm researcher Samczsun and a roster of security veterans created a first-responder Telegram bot to help hack victims during and after attacks.