- The wider perspective of SEAL includes protecting crypto market participants by offering collaborative tools for threat intelligence sharing.
- The Ethereum Foundation shared on X, replying to SEAL’s announcement that the security alliance has done significant work to fight attacks.
The Ethereum Foundation has planned to sponsor crypto security nonprofit Security Alliance (SEAL) for tracking and neutralising crypto drainers along with social engineering attackers targeting Ethereum users.
On February 9, SEAL stated that it rolled out the “Trillion Dollar Security” initiative with EF to back these efforts after connecting with EF in 2025 regarding funding security engineers to more precisely trace drainer development and project against wide-scale attacks.
The EF has now sponsored a security engineer whose only mission is to operate with SEAL’s intelligence team to fight drainers aiming at Ethereum users, as per SEAL. The wider perspective of SEAL includes protecting crypto market participants by offering collaborative tools for threat intelligence sharing and incident response and also offering legal protection for its white-hat hackers.
The Strong Backing
The Ethereum Foundation shared on X, replying to SEAL’s announcement that the security alliance has done significant work to fight attacks and the ecosystem has profited heavily. Phishing scammers and drainers mostly make fake websites or fraudulent emails that mimic legitimate crypto protocols, deceiving users into approving seemingly harmless wallet transactions that can lead to loss of funds.
Their strategy has become heavily sophisticated in the past few years, encouraging the need for advanced detection and prevention mechanisms. As per the estimations of ScamSniffer, these scammers have swept up around $1 billion in crypto in the past years.
Although efforts from SEAL and other crypto investigators aided in taking that tally down to $84 million in the last year, an all-time low. SEAL, along with the EF, made a trillion-dollar security dashboard to trace the security of Ethereum over six dimensions comprising user experience, smart contracts, infrastructure and cloud, consensus protocol, monitoring and incident response, social layer and governance.
Every dimension consists of 8 to 29 risk controls being keenly observed, with identified “priority work” that must be referred. SEAL also mentioned that the collaboration with the ED is the first of various planned initiatives having other forward-thinking ecosystems.
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Source: https://thenewscrypto.com/ethereum-foundation-backs-seal-to-combat-crypto-drainers-and-phishing-attacks/
