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Cryptosafe Alliance: Bringing Better Security for the Crypto Industry

2020-08-27

In the spirit of keeping your crypto funds SAFU, we have started the CryptoSafe Alliance (CSA). This industry cooperative, which unites exchanges, blockchain protocols, cybersecurity experts, and compliance firms, will work together to strengthen security for everybody’s crypto, by fighting fraudsters and other bad actors.

A key innovation to the Binance-led CSA is the CryptoSafe Platform. Built by Oasis Labs, this platform features a decentralized incident report response system that shares intelligence on malicious crypto incidents with CSA members to fight cryptocurrency fraud, theft, and money laundering. It features historical tracking and real-time aggregation algorithms and monitoring of suspicious transactions and wallet addresses. 

“Ensuring security is a consensus among the whole crypto community and players,” said Binance CEO Changpeng Zhao (CZ). “A collective effort and forging closer ties amongst members will better ensure the security of the global cryptocurrency community and the broader ecosystem's integrity to achieve this common mission. We encourage more members in the industry to join the Alliance.” 

How and Why CryptoSafe Alliance Works

There is a need for better cooperation between the many competitors in the crypto space when it comes to security. However, it has been a challenge to develop a system wherein these entities can share knowledge without compromising many aspects of their operations that keep the industry competitive. 

Now, with the CryptoSafe Platform, we’re creating the world’s first defense-in-depth approach to threat and security monitoring in a decentralized, data-sharing environment. It enables better fraud detection while keeping exchange data confidential and private. Powering this platform is Oasis Labs’ privacy SDK called Parcel, which abstracts away blockchain systems' nuance — making development easy and straightforward.

Through the CryptoSafe Platform, we will leverage on-chain blockchain data and integrate them with self-defined actions programmatically, such as blacklisting malicious addresses, monitoring asset transactions, and providing information for further legal and investigation processes. The platform supports the Bitcoin, Ethereum, TRX, and EOS blockchains with additional blockchain protocols/networks to be added later this year. 

With this alliance's creation, we’re leading the effort in keeping your crypto safer from bad actors than ever before. Crypto thefts, hacks, and frauds have $1.36 billion during the first five months of 2020, according to a report by CipherTrace, a cryptocurrency intelligence and blockchain security firm. With the CSA, we are taking a strength-in-numbers approach in creating a solution that will benefit everyone. 

To learn more about how the CryptoSafe Platform works and Alliance information, visit www.cryptosafe.org.