Solana Foundation, Join Coinbase and Kraken in New Crypto Security Association
In addition to Coinbase and Kraken crypto exchanges, Circle, the issuer of USDC, and blockchain firm The Solana Foundation, have also become part of the association as inaugural members, according to the official announcement.
"Justine Bone stated in a statement, 'The mass adoption of crypto and other digital assets relies on broader public trust in their security. We bring together the industry's top leaders on a mission to drive visibility and reliable action to today and tomorrow's evolving threats.'"
According to CertiK, the crypto market witnessed losses totaling over $1.8 billion (approximately Rs. 15,015 crore) across 751 security incidents in 2023. Security breaches impacting multiple chains accounted for $799 million (approximately Rs. 6,665 crore) in losses through 35 incidents, underscoring vulnerabilities in cross-chain interoperability.
Crypto ISAC Aims to Protect Community Against Top Cyber Threats
Cryptojacking, phishing, insider threats, giveaway scams, rug pulls, pig butchering scams, and ransomware attacks are among the top cyber threats impacting the global crypto community. The Crypto ISAC group seeks to safeguard the community against these threats through awareness campaigns and other initiatives.
Crypto ISAC Collaborates with Governments to Address Regional Crypto Threats
The group aims to collaborate with governments of various nations to provide assistance in assessing the most prominent crypto threats in their regions. Additionally, they aim to aid in tackling and mitigating such instances. The team of members will validate all disseminated information following threat analysis.
"Establishing a robust organization to combat security threats, misinformation, and operational threats is crucial to our mission of increasing economic freedom in the world. We are proud to work with partners to foster heightened trust, security, and operational efficiency across the industry," said Jeff Lunglhofer, Chief Information Security Officer at Coinbase.
Essentially, the ISAC aims to serve as an impartial information broker, providing awareness and information to the Web3 industry, especially on cybersecurity, after implementing security measures.
