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.
![Paradigm](https://www.cryptotimes.io/wp-content/uploads/2024/02/Screenshot-2024-02-14-212004-600x482.png)
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.
Also Read: DOJ Indicts Trio in $400 Million FTX SIM-Swapping Hack