2024

Security

The Nomad

Read

Nomad

A popular cybersecurity expert known by the pseudonym Samczsun has created a new alliance of white-hat hackers to protect crypto projects from the growing risks of cyber attacks.
Samczsun, who works for the digital-asset investment company Paradigm, has named the venture <a href="https://twitter.com/_SEAL_Org/status/1757744646909022570?t=73bMvN-f3FZa9Ee87TEzzA&amp;s=19" data-type="link" data-id="https://twitter.com/_SEAL_Org/status/1757744646909022570?t=73bMvN-f3FZa9Ee87TEzzA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Security Alliance</a> and made it a non-profit entity. Several developers and crypto leaders across the industry have collectively praised this initiative on social media.
Security Alliance has received over $1 million in <a href="https://twitter.com/samczsun/status/1757835641059225817?t=XruUwW5JHFpUOk7thFDsQg&amp;s=19" data-type="link" data-id="https://twitter.com/samczsun/status/1757835641059225817?t=XruUwW5JHFpUOk7thFDsQg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">contributions</a> from crypto investors and ventures, including Andreessen Horowitz’s crypto arm, Electric Capital, Paradigm, and key industry bodies like the Ethereum Foundation. Notably, Ethereum co-founder <a href="https://crypto.news/casinu-inu-vitalik-buterins-venture-into-meme-coins/" data-type="link" data-id="https://crypto.news/casinu-inu-vitalik-buterins-venture-into-meme-coins/" rel="noopener noreferrer nofollow">Vitalik Buterin</a> has contributed $500,000 to the alliance.
You might also like: <a href="https://crypto.news/spot-bitcoin-etfs-hit-record-daily-net-inflows-of-631m/" rel="noopener noreferrer nofollow"> Spot Bitcoin ETFs hit record daily net inflows of $631m </a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 I totally forgot to mention this in my thread but SEAL also wouldn't be possible without the support of our donors. Big thanks to <a href="https://twitter.com/paradigm?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@paradigm</a>, <a href="https://twitter.com/a16zcrypto?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@a16zcrypto</a>, <a href="https://twitter.com/dragonfly_xyz?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@dragonfly_xyz</a>, <a href="https://twitter.com/ElectricCapital?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ElectricCapital</a>, <a href="https://twitter.com/ethereum?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ethereum</a>, <a href="https://twitter.com/FilFoundation?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@FilFoundation</a>, <a href="https://twitter.com/hiFramework?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@hiFramework</a>, and <a href="https://twitter.com/VitalikButerin?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@VitalikButerin</a>! <a href="https://t.co/J3A594k4YN" target="_blank" rel="noopener noreferrer nofollow">https://t.co/J3A594k4YN</a>— samczsun (@samczsun) <a href="https://twitter.com/samczsun/status/1757835641059225817?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 14, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
Ethical hackers, also known as white-hat hackers, delve into the code of various projects to identify and report vulnerabilities and bugs to the creators, often receiving compensation for their efforts.
Many, including Samczsun, remain anonymous due to concerns over retaliation from malicious hackers after exposing security flaws. According to blockchain analysis company <a href="https://www.usnews.com/news/technology/articles/2024-01-24/crypto-hackers-stole-around-1-7-billion-in-2023-report#:~:text=The%20number%20of%20hacks%20by,hacking%20or%20other%20cyber%20attacks." data-type="link" data-id="https://www.usnews.com/news/technology/articles/2024-01-24/crypto-hackers-stole-around-1-7-billion-in-2023-report#:~:text=The%20number%20of%20hacks%20by,hacking%20or%20other%20cyber%20attacks." target="_blank" rel="noopener noreferrer nofollow">Chainalysis</a>, cyberattacks led to approximately $1.7 billion in theft from cryptocurrency ventures in 2023.
In their social media <a href="https://twitter.com/samczsun/status/1757784867163832397?t=kgHlJJym66ebcOjaL6TX-w&amp;s=19" data-type="link" data-id="https://twitter.com/samczsun/status/1757784867163832397?t=kgHlJJym66ebcOjaL6TX-w&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">post</a>, Samczsun highlighted the limitations faced by cybersecurity professionals during the 2022 breach of the Nomad crypto communication protocol. Many experts were unable to assist due to cautionary advice from their employers.
The <a href="https://crypto.news/nomad-exploit-wallet-address-transfers-1-5m-to-crypto-mixer-tornado-cash/" data-type="link" data-id="https://crypto.news/nomad-exploit-wallet-address-transfers-1-5m-to-crypto-mixer-tornado-cash/" rel="noopener noreferrer nofollow">Nomad</a> incident was unique because it unfolded over several hours, allowing multiple attackers to replicate the initial breach and exploit a vulnerability, ultimately leading to a nearly $200 million theft. Samczsun believes that the involvement of white-hat hackers could have mitigated the loss significantly
Read more: <a href="https://crypto.news/citigroup-succeeds-in-blockchain-equity-tokenization-trial/" rel="noopener noreferrer nofollow"> Citigroup succeeds in blockchain equity tokenization trial </a>

Ethical hacker forms Security Alliance to protect crypto projects

crypto.news

Other articles published on Feb 14, 2024

New Era for LINK with USDC-Margined Perpetual Futures on Binance

Spot Bitcoin ETFs Now Hold 1% of Total Supply as Price Hits $52K

Artificial Intelligence and Cryptocurrency: Insights from Industry Experts

Coinbase suspends PlayDapp token trading in response to smart contract security breach

Cardano’s Plutus V3 Boosts Smart Contract Performance with SOPs

Two Shiba Inu millionaires spot the next gem, invest a big chunk

Join our free newsletter for daily crypto updates!