After the $70 million hack at Curve Finance, a new initiative spearheaded by a group of like-minded people called SEAL 911 emerged. Together, they are working to prevent the widespread harm that could result from DeFi security holes and cybercriminal exploits.
As the stolen fund’s recovery nears the three-quarters mark, a renewed sense of vigilance prevails in the crypto space, prompting security leaders to come together for a unified effort to address cybersecurity disclosure challenges.
Sam (@samczsun), a research partner and head of security at Paradigm, has led the SEAL 911 initiative, a joint venture involving white hat hackers, auditors, and security experts.
SEAL 911: Forging A New Path In Cybersecurity
The focal point of SEAL 911 is to revolutionize cybersecurity disclosure, aiming to swiftly avert potential DeFi hacks and exploits that could result in losses amounting to hundreds of millions of dollars.
“The hardest part of responsible disclosure is finding the right person to talk to,” Sam stated in a tweet, underscoring the crucial aspect of communication in cybersecurity crisis management.
By offering insights into their collective undertaking, Sam and the SEAL 911 team hope to establish a clear channel for secure information exchange.
Over the past few days I’ve been working with a group of whitehats, auditors, and other security leaders to try and solve the hardest part of responsible disclosure: finding the right person to talk to. pic.twitter.com/pPjt7D51ZE
— @samczsun.com (@samczsun) August 7, 2023
The brainchild of this collaborative effort holds the promise of rapid adoption and endorsement, with anticipation for not only community engagement but also strong support from seasoned security experts and organizations alike.
Security Leaders Unite To Tackle Crypto Vulnerabilities
Diverse and reputable names in the DeFi realm, such as ChainSecurity, MetaMask, Origin Protocol, and Wallet Guard, are part of the SEAL 911 initiative.
These entities have pledged to contribute their valuable expertise during emergencies, underlining the gravity of the cybersecurity challenges at hand.
Meanwhile, the cryptocurrency community continues to remain vigilant as Curve Finance strives to recover nearly 75% of the funds exploited in the recent breach.
As of today, the market cap of cryptocurrencies reached $1.14 trillion. Chart: TradingView.com
The exploit involved attackers exploiting a reentrancy vulnerability to pilfer millions from crypto pools on Curve’s decentralized exchange, leading to a drop in both CRV’s price and Ethereum’s DeFi Total Value Locked (TVL).
After a week of rigorous efforts, Curve Finance has successfully retrieved $52.3 million out of the $73.5 million stolen during the late July to early August breach.
Furthermore, Curve Finance has taken a proactive step by offering a bounty worth $1.8 million, equivalent to 10% of the outstanding funds, for information that leads to the identification of the exploiters.
This incentive illustrates the community’s determination to mitigate risks and strengthen the security landscape.
Featured image from Military Mortgage Center