As DeFi hacks escalate, costing users millions, Web3 security experts rally to create Seal 911, a Telegram bot crafted to be the go-to during crypto crises.
July's staggering loss of $303M, as reported by Certik, underscores the grim state of security in Web3. Recognizing the looming threat, a consortium of security aficionados from the Web3 domain conceived Seal 911, aiming to create an instantaneous hotline for users in distress.
Articulating the motivation behind the initiative, Paradigm's head of security, samczsun, stated, “We envisioned a platform where users, in moments of panic, could swiftly connect with trusted security professionals.” The cause has garnered support from luminaries of industry giants like Paradigm, ConsenSys, MetaMask, Yearn, and Polygon.
A simple direct message to the bot, followed by selecting the "I have an emergency" option, connects the distressed user with an available expert.
While the timely intervention of a security specialist can salvage a dire situation, the inherent decentralized structure of Web3 poses a challenge for users seeking help. Taylor Monahan, a MetaMask developer and supporter of Seal 911, pointed out the glaring absence of reliable resources for those affected by malicious activities in the Web3 space.
Moreover, the quandary intensifies when scammers, posing as saviors, exploit victims further by offering phishing schemes under the guise of assistance.
Monahan elucidated, “The intricacies of whom to alert in case of an incident remain perplexing for users. Is it the compromised project's team, an affiliated entity, or their wallet provider?”
She champions the cause of creating a repository of best practices, guiding users on how to respond to security breaches. “While Seal 911 is a monumental step, a holistic remedy necessitates combined efforts from various stakeholders within the Web3 ecosystem,” Monahan concluded.
