In the United States, a new nonprofit initiative called Security Alliance has officially launched, targeting the growing threat of cyberattacks in the cryptocurrency space.
The organization is headed by Samczsun, the security lead at the venture fund Paradigm, who is well-known in the crypto community as a white-hat hacker—an expert who identifies vulnerabilities to help developers enhance system security.
“Our mission is to serve the community. Under Samczsun’s guidance, we’re creating incentives to turn competitors into collaborators and launching projects through consensus,” the alliance stated.
Security Alliance offers a variety of services to improve crypto security, including:
- A rapid-response hotline for cyber incidents
- Legal protection for white-hat hackers
- Free simulated cyberattacks for developers to test vulnerabilities and strengthen defenses
Samczsun explained that the 2022 Nomad protocol hack highlighted a critical issue: many cybersecurity specialists could not assist due to employer restrictions. This experience inspired the creation of Security Alliance.
The initiative has quickly gained support from major players in the crypto ecosystem, including Ethereum Foundation, a16z, Paradigm, Vitalik Buterin, Filecoin Foundation, Coinbase, Dragonfly, Framework, Electric Capital, and others.
According to Hacken, cryptocurrency hacks and scams caused $1.9 billion in losses in 2023. However, Chainalysis reports that the total loss from hacks has dropped by 54.3% over the past 12 months, indicating progress in the fight against cybercrime.
Security Alliance aims to accelerate this trend by providing tools, legal support, and collaborative frameworks that make the crypto space safer for everyone.
