Leading crypto entities have united to address security concerns within the decentralized ecosystem through an innovative information-sharing initiative. Over 14 prominent organizations, including Circle, Coinbase, Consensys, Fireblocks, and the Solana Foundation, have launched the Crypto Information Sharing and Analysis Center (ISAC), according to a recent press release. Other founding members include Aleo, Evertas, Hedera, Kraken, Offchain Labs, Red Balloon Security, Ribbit Capital, and Trail of Bits.

As previously reported by crypto.news, hackers have stolen over $7.7 billion in digital assets since 2016. These staggering losses highlight the industry's vulnerability to cybercriminals and the urgent need for enhanced security measures.

Crypto ISAC Executive Director Justine Bone emphasized the importance of building public trust in blockchain security to drive mass adoption of digital assets. This collaborative effort aims to protect users from decentralized finance (DeFi) thieves and bolster the overall security of the ecosystem.

The ISAC will focus on five main objectives: creating a trusted environment, sharing unbiased information, managing quality information dissemination, encouraging collaboration, and building resilience against attackers.

Coinbase Chief Information Security Officer Jeff Lunglhofer described the ISAC as a landmark moment in the journey to support global economic freedom through decentralized finance technologies.

The institutional-backed ISAC is one of two initiatives launched this year to combat on-chain security issues. In April, a group of white-hat actors announced the SEAL-ISAC to enhance information sharing related to DeFi hacks and compromises. SEAL 911, the team behind SEAL-ISAC, was formed following a $73 million hack on lending platform Curve Finance last year. Paradigm researcher Samczsun and a group of security veterans created a first-responder Telegram bot to assist hack victims during and after attacks.

These initiatives underscore the crypto industry's commitment to improving security and protecting users from increasingly sophisticated cyber threats.