A non-profit organization was established in the United States with the primary objective to support white hat hackers in their fight against cyberattacks and recovering stolen funds. The organization received over $1 million in funding from renowned venture funds.

White Hats Unite to Combat Cybercrime

At the initiative of several blockchain security specialists, a non-profit organization called Security Alliance was established in the United States. It’s led by an anonymous developer, known by the pseudonym samczsun, who heads the security department at venture capital firm Paradigm. The organization aims to unite and support white hats in their efforts to combat cybercrime.

According to Security Alliance’s website, the organization currently offers the following services:

  • Seal 911 is a hotline for assistance with security projects.
  • Whitehat Safe Harbor is legal protection and incentives for white hats interested in participating in fund recovery efforts.
  • Seal WarGames is a free simulator for developers to simulate real-world cyber threats.

The Security Alliance team created a special agreement as part of the Whitehat Safe Harbor initiative, granting legal protection to white hat hackers. The key provision is the waiver of any legal claims against the project team members who the white hat hacker intends to assist in cyberattack investigations. In return, the white hat commits to acting lawfully, competently, and in good faith. The contract also outlines the obligations of the parties, including the white hat’s responsibilities and compensation in the event of a successful recovery operation. It’s important to note that determining the legal framework for such agreements is challenging. Security Alliance warns that the participation of white hat hackers in such operations remains risky.

As Bloomberg reported, Security Alliance successfully raised over $1 million in investments from well-known venture funds such as Andreessen Horowitz, Electric Capital, and Paradigm, as well as from the Ethereum Foundation. Vitalik Buterin, Сo-Founder of Ethereum, reportedly contributed approximately $500,000 to the organization’s fund.

Among the members of Security Alliance are:

  • Renowned lawyers such as Michael Bacina from Piper Alderman and Miles Jennings from Andreessen Horowitz.
  • Several developers and blockchain experts from major companies specializing in on-chain security, including ConsenSys, EF Security, DefiHackLabs, ScamSniffer, SlowMist, SphereX, and others.
  • Anonymous researchers and blockchain security experts known by pseudonyms — ZachXBT, pcaversaccio, and Iamdeadlyz.

Thanks to the efforts of white hat hackers, Web3 companies recovered approximately half of the funds stolen in 2023. Earlier, CP Media discussed actions to take in the event of crypto theft and interviewed a white hat hacker who joined the CoinsPaid team.

Author: Ana Bustos García
#Hacking #News