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Crypto giants have banded together to address security concerns within the decentralized ecosystem through an information-sharing initiative.&nbsp;
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 <a href="https://www.prnewswire.com/news-releases/crypto-isac-launches-to-spearhead-ecosystem-wide-security-initiatives-302157642.html" target="_blank" rel="noopener noreferrer nofollow">press release</a>.&nbsp;Aleo, Evertas, Hedera, Kraken, Offchain Labs, Red Balloon Security, Ribbit Capital, and Trail of Bits also rank among the ISAC’s founding members.&nbsp;
As crypto.news previously <a href="https://crypto.news/defillama-crypto-hacks-comprise-7-7b-in-losses-since-2016/" target="_blank" rel="noopener noreferrer nofollow">reported</a>, 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.&nbsp;
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.&nbsp;
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.&nbsp;
You might also like: <a href="https://crypto.news/ethical-hacker-security-alliance-crypto-projects/" rel="noopener noreferrer nofollow"> Ethical hacker forms Security Alliance to protect crypto projects </a>
<h2 class="wp-block-heading" id="another-crypto-isac">Another crypto ISAC</h2>
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 <a href="https://crypto.news/defi-white-hats-seal-911-unveil-info-sharing-tool/" target="_blank" rel="noopener noreferrer nofollow">SEAL-ISAC</a> to strengthen information sharing related to defi hacks and compromises.&nbsp;
SEAL 911, the group behind SEAL-ISAC, emerged in the crucible of a $73 million hack on lending platform <a href="https://crypto.news/curve-finance-exploit-triggers-massive-mev-rewards/" target="_blank" rel="noopener noreferrer nofollow">Curve Finance</a> 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.
Read more: <a href="https://crypto.news/defi-white-hats-seal-911-unveil-info-sharing-tool/" rel="noopener noreferrer nofollow"> Defi white hats SEAL 911 unveil info-sharing tool </a>

Crypto ISAC launched to bolster web3 security

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