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The crypto community is publishing support messages for the launch of Security Alliance, a non-profit organization registered in the United States aimed at supporting white hat hackers who can recover funds from hackers. The initiative brings together a team of blockchain security experts led by the security director of crypto venture capital firm Paradigm, Samczsun.
What is Security Alliance?
This organization was announced to the public on February 14. According to its website, Security Alliance has three ongoing projects, including a helpline for security intervention requests and a war games component to help developers prepare for security risks.
Perhaps the group’s biggest innovation was the White Hat Safe Harbor Agreement, which offers legal protection and incentives to white hats to recover funds under active attack. This is partly achieved through a preliminary agreement containing the following statements:
“Provided you act in a lawful, competent, and good faith manner, the protocol and its members waive the right to bring legal claims against you. However, remember that the legal environment is complex and that making such agreements carries risks.”
The Security Alliance team took inspiration for their first step from the Nomad hack attack that occurred in August 2022. Many white hat hackers were involved in the recovery of Nomad funds:
“Members of the security community were complaining that if there was a legal framework that allowed white hats to turn their good intentions into action, more people could help. So we decided to create one.”
Notable Details About the Group
Security Alliance‘s website only mentions one individual participant, samczsun, who follows a common security practice of hiding real identities to avoid attacks. However, there are several other individuals mentioned or identifying themselves as group members under the name X.
The group claims to have more than 50 donors and partners. Among those mentioned are the Ethereum Foundation, Vitalik Buterin, a16zcrypto, Paradigm, Electric Capital, and Coinbase. A Bloomberg report revealed that the group has raised over $1 million in donations, with Buterin alone contributing $500,000.
An estimate suggests that in 2023, $2.61 billion was lost due to hack attacks and scams, with only a small portion being recovered. New hacking technologies continue to emerge regularly.
