Ethereum Foundation backs SEAL to combat wallet drainers

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 launched the "Trillion Dollar Security" initiative with EF after reaching out late last year about funding security engineers to track drainer development and protect against wide-scale attacks.

EF is now sponsoring a security engineer whose "sole mission" is to work with SEAL’s intelligence team. SEAL’s broader mission is to protect market participants by providing collaborative tools for threat intelligence sharing, incident response and legal protection for white-hat hackers.

Drainers and phishing scammers often create fake websites or fraudulent emails that impersonate legitimate protocols, tricking users into approving seemingly harmless wallet transactions that can result in stolen funds.

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