Ethereum has decided to sponsor SEAL, a crypto security non-profit organization called the Security Alliance (SEAL), as part of its ongoing efforts to elevate Web3 security. Together, SEAL and Ethereum will work on curbing the threat activities of notorious wallet drainers who use fake websites and phishing tactics to take control of people’s wallets and then drain them dry.
SEAL claimed that in the past few years, its efforts and the market cycle, managed to cap wallet drainer losses at $84 million — which the security group said is an all time low. As per ScamSniffer, these drainer scams usually drum up a billion dollars worth of losses for the crypto industry yearly.
With the partnership, Ethereum wishes to work with SEAL researchers to tackle cyber actors targeting Ethereum users and its ecosystem.
“The Ethereum Foundation has sponsored a security engineer whose sole mission is working with the SEAL Intel team to track and neutralize drainers targeting Ethereum users,” SEAL announced on Monday.
SEAL had first approached Ethereum with a proposal on this collaboration last year that has materialized in 2026.
“Our research indicates that a small team of well-funded security engineers can keep pace with drainer development and prevent wide-scale attacks against retail users,” SEAL announcement said, highlighting what it had reached out to Ethereum with last year.
For now, the financial details of this deal remain undisclosed.
The development comes just weeks after Ethereum co-founder Vitalik Buterin moved ETH 16,384 to fund the development of a suite of open-source software and hardware security solutions. As per Buterin, focussing on Web3 security infrastructure is a crucial need of the hour.