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- 1 Samczsun, a technical expert working with Paradigm, has created an alliance with the backing of other experts to safeguard crypto firms from fraud.
- 2 The alliance will be known as ‘Security Alliance,’ it reportedly received over $1 Million in funding from leading firms and leaders.
- 3 Chainalysis data states that the entire crypto market lost $1.7 Billion in cryptocurrencies in 2023.
Samczsun, an expert working with a leading digital-asset investment company Paradigm, has aligned with white hat hackers to safeguard crypto companies from falling victim to bad actors or unethical hackers. The alliance of white hat hackers is coined as ‘Security Alliance,’ the firm is categorized as a non-profit entity.
White hat hackers are professionals who work to improve an institution by analyzing the security of the concerned website and helping to develop a more reliable and efficient interface for the company.
Following the firm’s evolution, the company received approximately $1 Million from leading crypto industry firms, including Electric Capital, Andreessen Horowitz, Ethereum Foundation, and Paradigm, among several others.
Reportedly, Vitalik Buterin, the co-founder of Ethereum, has individually contributed $500k to the Security Alliance. The move of Samczsun has been hailed by the crypto industry, and the alliance is expected to secure more funding in the coming times.
Frequent cyber attacks, scams, and frauds are a blot on the industry’s image, and can discourage participation and investment. After referencing reliable data sources, it is figured out that more than $1 Billion of funds vanish from the market every year.
Similarly, Chainalysis, a blockchain analysis firm, reported that the entire crypto lost approximately $1.7 Billion in cryptocurrencies in 2023.
In his X post, Samczsun highlighted that It all started with the Nomad hack. The war room was stressful, and the security community collectively looked back and wondered, “How did we get to a point where random people felt comfortable stealing money from the bridge, but whites felt it was too risky to intervene?”
Nomad is a popular crypto bridge that was hacked in 2022. It lost over $180 Million in cryptocurrencies in that attack.
Crypto Market Updates
The uptrend in market capitalization of the crypto industry suggests that crypto is getting increasingly popular. In the past 24 hours, the market cap showed a surge of 2.15%. As of writing, it was $1.96 Trillion.
Therefore, several market analysts claim the continuous growth in the prices of almost every token/coin is backed by the upcoming 4th Bitcoin (BTC) halving event. Bitcoin has crossed the $52k resistance level, and when writing, it was trading at $52,295.
Among altcoins, Ethereum(ETH), Solana(SOL), VeChain(VET), Stacks (STX), Sei(SEi), Bitget Token (BGB), Helium (HNT), Mantle(MNT) grew significantly in the intraday time frame.
Trading volume of the memecoin market surged over 59.55% in the past 24 hours and was $2,009,342,419 at press time. Pepecoin (PEPE), which surged more than 300%, leads memecoins in terms of market cap.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
