Coinbase, Circle, Kraken Join Crypto’s New ‘Neighborhood Watch’ for Cyberthreats

As an experienced cybersecurity analyst, I view the formation of Crypto ISAC and its inaugural members with great interest and approval. With the increasing adoption and value of cryptocurrencies, it is crucial for the industry to take cybersecurity seriously and collaborate to protect against threats and vulnerabilities.

An industry organization called Crypto ISAC, established recently to shield members from cyber attacks and vulnerabilities, has unveiled its inaugural members, some of which are prominent players in the field.

Coinbase and Kraken are two of the initial members of a new information security and analysis center for cryptocurrency exchanges, marking the second establishment of such an organization for this industry within the past month. The first one, named SEAL-ISAC, was introduced in April.

The Circle team, responsible for issuing USDC, the second-largest stablecoin, has joined Crypto ISAC, an announcement made on Wednesday. This group now includes other notable members: the Solana Foundation, overseeing development of the fifth-largest cryptocurrency; Consensys, a pivotal software development firm in the Ethereum community; Ribbit Capital, a venture investment company; Fireblocks, a leader in crypto custody solutions; and Evertas, an insurance provider specializing in crypto theft protection and the initiator of Crypto ISAC’s creation.

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As a crypto investor, I can tell you that Industrial Security Automation and Control Systems (ISACs) are widely used in various sectors including finance, defense, and aviation. We, in this community, refer to them as collaborative platforms where businesses and governments exchange information about potential cybersecurity threats and incidents. These systems function similarly to neighborhood watch programs, fostering a sense of shared responsibility and enhanced security for all involved.

The Crypto ISAC strives to prevent cyber attacks not just for the sake of it but also to establish trust and legitimacy with the government and law enforcement agencies. In 2023 alone, hackers managed to steal approximately $1.7 billion from crypto platforms, as reported by Chainalysis, a company proficient in tracking transactions on blockchains.

At Consensus 2024 in Austin, Texas on Wednesday, representatives from Circle, Coinbase, Consensys, Fireblocks, and Solana – prominent figures in cybersecurity within the crypto industry – will participate in a discussion hosted by CoinDesk. They will share insights into their roles with the Information Sharing and Analysis Center (ISAC). Joining them will be Justine Bone, ISAC’s newly appointed executive director and cybersecurity trailblazer, as well as Jared Gdanski, founder and CEO of Evertas.

Crypto ISAC’s members are: