Blockchain Security Council Formed to Protect Industry from Cyber Threats

The cryptocurrency and blockchain industries have launched the Blockchain Security Standards Council (BSSC), a non-profit organization aimed at establishing security standards for the industry. The council, formed by prominent players such as Kraken, Coinbase, Ribbit Capital, and Sentinel Global, aims to set a baseline level of trust and confidence across the blockchain ecosystem.

The BSSC plans to establish standards and companion audit schemes to help prevent protocol exploitation and fraud, which are significant obstacles hindering the growth of the industry. The council will also engage with international financial authorities and lawmakers to develop safeguards against malicious actors and protect the industry’s reputation.

According to the council, more than 100 security exploits occurred in the crypto industry in 2024 alone, highlighting the need for increased security measures. The council’s initial focus will be on establishing standards and companion audit schemes, which will help create a baseline level of trust and confidence across the industry.

The creation of audit frameworks and eligibility criteria for third-party auditors to join the global Web3 ecosystem is also part of the BSSC’s agenda. Moreover, the council aims to increase awareness and education around blockchain technology to ensure widespread understanding and adoption.

Currently, Anchorage Digital, Bastion, Figment, Fireblocks, Halborn, and OpenZeppelin have pledged allegiance to the BSSC, with plans to onboard more members from the global crypto ecosystem in the coming months. The BSSC expects to release its first set of guidelines focused on blockchain security by the end of 2024.

The formation of the BSSC marks a significant step towards creating a safer and more secure blockchain ecosystem, giving investors and users confidence in the technology’s ability to protect their assets and data.