Bitcoin, Ethereum, Crypto News & Price Indexes

The Ethereum Foundation is sponsoring crypto security nonprofit Security Alliance (SEAL) to “track and neutralize” crypto drainers and other social engineering attackers targeting Ethereum users.

SEAL said on Monday that it launched the “Trillion Dollar Security” initiative with EF to support these efforts after reaching out to EF late last year about funding security engineers to more closely track drainer development and protect against wide-scale attacks.

The EF is now sponsoring a security engineer whose “sole mission” is to work with SEAL’s intelligence team to combat drainers targeting Ethereum users, said SEAL.

SEAL’s broader mission is to protect crypto market participants by providing collaborative tools for threat intelligence sharing and incident response while providing legal protection for its white-hat hackers.

“The Security Alliance has done important work to combat attacks and the ecosystem has benefited tremendously,” The Ethereum Foundation posted to X in response to SEAL’s announcement.

Phishing scammers and drainers often create fake websites or fraudulent emails that impersonate legitimate crypto protocols, tricking users into approving seemingly harmless wallet transactions that can result in the loss of funds.