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Crypto Defenders Unite: Security Alliance Formed by White Hat Hackers

Writer's picture: Blockonome GnomeBlockonome Gnome

Paradigm's security head leads Security Alliance, offering legal protection and incentives for ethical hackers.

 

White hat hackers protect bitcoin

 

In a groundbreaking move, the cryptocurrency community witnesses the emergence of Security Alliance, a U.S.-registered nonprofit aimed at empowering "white hat" hackers to reclaim funds from exploiters. Spearheaded by samczsun, head of security at Paradigm, the initiative brings together a cadre of blockchain security specialists.

 

Officially unveiled on Feb. 14, Security Alliance boasts three ongoing projects. These include a hotline for security response assistance and a war games component designed to equip developers for potential security threats.

 

A standout feature is the Whitehat Safe Harbor Agreement, a pioneering legal framework offering protection and incentives for white hat hackers involved in rescuing funds under active exploit. The agreement explicitly states that, as long as actions are lawful, competent, and in good faith, the protocol and its members waive the right to pursue legal claims against the hackers. However, it cautions about the complexity of the legal landscape and associated risks.

 

Inspired by the Nomad hack in August 2022, Security Alliance seeks to address the need for a legal framework that enables white hats to act without fear of legal repercussions. The organization acknowledges the significant contributions of white hat hackers in the recovery of Nomad funds but recognizes the potential for greater impact with a formalized legal structure.

 

While samczsun is the sole participant named on the Security Alliance website, adhering to security practices, other members have been identified on X or named themselves as part of the group.

 

Security Alliance boasts over 50 donors and partners, including prominent names such as the Ethereum Foundation, Vitalik Buterin, a16zcrypto, Paradigm, Electric Capital, and Coinbase. Reports suggest that the group has raised over $1 million, with a notable contribution of $500,000 from Vitalik Buterin alone.

 

In 2023, an estimated $2.61 billion was lost to hacks and scams, with only a fraction recovered. Security Alliance aims to tackle this challenge head-on, providing legal protection and support for ethical hackers in their efforts to safeguard the crypto space.


(Photo Source / Blockonome)

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Blockonome's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

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