2 months ago
Kraken announced that it has co-founded the Blockchain Security Standards Council (BSSC) with respective different large manufacture players to heighten information wrong the crypto sector.
The different co-founders see Anchorage Digital, Coinbase, Fireblocks, Bastion, Figment, Halborn, OpenZeppelin, Ribbit Capital, and Sentinel Global.
Consensus-driven security
The nonprofit enactment aims to make azygous information standards crossed the crypto industry, addressing pressing information threats specified arsenic fraud, nation-state cyberattacks, and protocol exploitation.
The council’s ngo is to make consensus-driven information benchmarks and a robust audit process by the extremity of 2024. These efforts are expected to fortify the industry’s information model and heighten spot successful integer assets.
Kraken Chief Security Officer Nick Percoco emphasized the value of these initiatives, stating:
“Voluntary information standards are important for the maturation of the crypto industry. Collaborative efforts among manufacture players to fortify the wide ecosystem volition heighten assurance successful cryptoassets. Kraken is arrogant to lend to the improvement of these indispensable standards.”
The BSSC besides plans to prosecute with regulators and policymakers to guarantee the improvement of balanced and effectual information standards. This proactive engagement aims to support consumers portion fostering innovation wrong the blockchain ecosystem.
Kraken’s engagement successful the BSSC reflects its ongoing committedness to security, pursuing its relation successful establishing the Crypto Information Sharing and Analysis Center (ISAC). The ISAC facilitates cognition sharing and champion practices crossed the crypto sector, aiming to trim cybersecurity risks and heighten the industry’s wide resilience.
The enactment of the BSSC is seen arsenic a important measurement towards addressing the blockchain trilemma, which involves balancing decentralization, security, and scalability. By focusing connected information standards, the BSSC aims to mitigate risks portion supporting the maturation and scalability of blockchain networks.
White-hat drama
The determination comes successful the aftermath of Kraken’s caller quality with blockchain information steadfast CertiK.
In June, the speech encountered a large information situation erstwhile blockchain information steadfast CertiK uncovered a captious vulnerability successful its system. This flaw enabled attackers to initiate deposits and person funds without completing the deposit process, efficaciously allowing the instauration of assets from nothing.
CertiK exploited this vulnerability to retreat $3 cardinal from Kraken’s accounts, which led to galore claiming that the withdrawals were excessively excessive for investigating purposes.
Kraken besides accused CertiK of extortion, arguing that the steadfast demanded outgo for the instrumentality of the funds, deviating from modular bug bounty protocols. The speech criticized CertiK’s approach, alleging it held the funds hostage and acted unprofessionally.
However, CertiK denied immoderate malicious intent, asserting that its actions were preventive and aimed astatine securing the platform. It contended that Kraken’s threats towards CertiK employees were unwarranted and emphasized that it had offered to instrumentality the funds, but the speech had not provided a wallet address.
The quality was settled aft some firms went nationalist with their sides, and CertiK returned the funds to addresses it had connected hand.
The station Kraken, large manufacture players co-found non-profit Blockchain Security Standards Council appeared archetypal connected CryptoSlate.
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