Ethereum foundation teams up with 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 said on Monday that it launched the “Trillion Dollar Security” initiative with EF to support these efforts after reaching out to EF late last year about funding security engineers to more closely track drainer development and protect against wide-scale attacks.

The EF is now sponsoring a security engineer whose “sole mission” is to work with SEAL’s intelligence team to combat drainers targeting Ethereum users, said SEAL.

Source: Security Alliance

SEAL’s broader mission is to protect crypto market participants by providing collaborative tools for threat intelligence sharing and incident response while providing legal protection for its white-hat hackers.

“The Security Alliance has done important work to combat attacks and the ecosystem has benefited tremendously,” The Ethereum Foundation posted to X in response to SEAL’s announcement.

Phishing scammers and drainers often create fake websites or fraudulent emails that impersonate legitimate crypto protocols, tricking users into approving seemingly harmless wallet transactions that can result in the loss of funds.

Their tactics have become increasingly sophisticated over the years, prompting the need for improved detection and prevention mechanisms.

Crypto intelligence platform ScamSniffer estimates that these scammers have stolen nearly $1 billion in crypto over the years. However, efforts from SEAL and other crypto sleuths helped bring that tally down to $84 million in 2025, an all-time low.

Ethereum security dashboard launched to track progress

SEAL and the EF created a Trillion Dollar Security dashboard to track Ethereum’s security across six dimensions: user experience, smart contracts, infrastructure and cloud, consensus protocol, monitoring and incident response, social layer and governance.

Each dimension includes eight to 29 risk controls being closely monitored, along with identified “priority work” that must be addressed.

Security assessment of smart contracts on Ethereum. Source: Trillion Dollar Security

SEAL open to working with other crypto ecosystems

SEAL said the partnership with the EF is the first of many planned initiatives with other forward-thinking ecosystems, welcoming other crypto ecosystems to reach out:

“If your foundation or crypto ecosystem is interested in similar sponsorship opportunities, we’re happy to discuss how this model protects users at scale,” SEAL said.