Bitcoin, Ethereum, Crypto News and Price Indices
The Ethereum Foundation is sponsoring crypto security non-profit Security Alliance (SEAL) to “monitor and remove” crypto drainers and other social engineering attackers from Ethereum users.
SEAL said late last year that security engineers launched a “trillion dollar security” initiative with the EF to closely monitor sewer development and provide funding to protect against large-scale attacks.
EF is now sponsoring a security engineer whose “sole mission” is to work with a SEAL intelligence team to combat drains targeting Ethereum users, the SEAL said.
SEAL's broad mission is to protect crypto market participants by providing legal protection to white hat hackers by providing tools for intelligence sharing and disaster response collaboration.
“The security alliance has done important work to combat attacks and the ecosystem has benefited greatly,” said the Ethereum Foundation in response to SEAL's announcement.
Phishing scammers and drainers often create fake websites or fraudulent emails impersonating legitimate crypto protocols to trick users into seemingly harmless wallet transactions that can lead to financial losses.
Their strategy has increased over time, resulting in the need for improved detection and prevention methods.
Crypto intelligence platform ScamSniffer estimates that these fraudsters have stolen nearly $1 billion over the years. However, efforts from SEAL and other crypto sleuths helped bring that down to $84 million by 2025, an all-time low.
The Ethereum Security Dashboard was launched to track progress
SEAL and EF created a trillion-dollar security dashboard to track Ethereum's security across six dimensions: user experience, smart contracts, infrastructure and cloud, consensus protocol, monitoring and risk response, social coverage and governance.
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Each measure should be aligned with the identified “priority tasks,” with eight to 29 risk controls closely monitored.
SEAL is open to working with other crypto ecosystems.
According to SEAL, the partnership with EF is the first of many initiatives planned with other forward-thinking ecosystems, and welcomes other crypto-ecosystems to join:
“If your foundation or crypto ecosystem is interested in similar sponsorship opportunities, we'd be happy to discuss how this model can protect users at scale,” said SEAL.
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