A cybersecurity researcher at Paradigm, Samczsun, is spearheading an effort to shield “white-hat hackers” who help protect crypto projects from legal troubles, as reported by Bloomberg.
The nonprofit Security Alliance, backed by over $1 million in donations, including $500,000 from Ethereum’s Vitalik Buterin, aims to establish legal protection for ethical hackers.
Samczsun said, “Having gone through this quite a few times myself, I think this is the time for me to do something about it, I’m tired of not being able to do what I can to help these projects when they’re in these situations of crisis.”
Many prefer anonymity due to concerns about retaliation from criminal hackers. In 2023, around $1.7 billion was stolen from crypto projects, highlighting the urgency for a legal framework.
The initiative, supported by investors like Andreessen Horowitz’s crypto division and Electric Capital, addresses a critical issue: the absence of legal support hindering white-hat hackers from preventing thefts.
Arjun Balaji, Doug Feagin, Caitlin Pintavorn, Samczsun, Dave White, and Frankie constitute the Paradigm team, serving as Investment Partners and Research Partners specializing in security and research.
Samczsun recounts a missed opportunity during the Nomad hack in 2022 when cybersecurity experts, restrained by employers, couldn’t act promptly.
The Security Alliance’s proposed White-Hat Safe Harbor Agreement could have potentially saved millions in 60% of hacks between 2020 and 2023, according to their research.
The goal is to empower ethical hackers to intervene during crises, protecting vulnerable crypto platforms and assets.
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