Business News Report
August 08, 2023

Crypto Crime Fighting Company CAT Labs Joins Forces With CryptoCurrency Certification Consortium to Standardize Crypto Security

In Brief

CAT Labs is a crypto crime fighting company led by a former Department of Justice agent.

The company has announced a partnership with the non-profit organization C4 (CryptoCurrency Certification Consortium) to standardize cryptocurrency security.

This strategic partnership aims to accelerate the implementation of the cryptocurrency security standard via educational programs, certifications and political outreach.

CAT Labs, a crypto crime-fighting company building forensic and cybersecurity tools, has partnered with the non-profit organization C4 (CryptoCurrency Certification Consortium) to standardize cryptocurrency security.

The company pointed out that traditional cybersecurity certifications, such as SOC 2 Type 2, are insufficiently safeguarding crypto entities from hacking attempts. Citing REKT, a database tracking top crypto hacks, CAT Labs highlighted in a blog post that these breaches have led to staggering losses of over $77 billion since June 2021, with only a meager $6.6 million recovered.

Within the past two months, several high-profile exploits have further proven the urgent need for stronger security measures. In July, Multichain suffered a significant loss of $126 million, while just last week, Curve fell victim to a reentrancy vulnerability in Vyper, a Pythonic programming language targeting the Ethereum Virtual Machine, resulting in over $47 million in losses. 

Additionally, the institutional crypto prime brokerage, Floating Point Group (FDG), faced a devastating $20 million loss in June, forcing the closure of its crypto trading activities.

According to CAT Labs, the Cryptocurrency Security Standard (CCSS) is the answer to improving security in the crypto space. Founded by C4, the CCSS is a comprehensive set of requirements applicable to all information systems using cryptocurrencies, encompassing exchanges, web applications, and cryptocurrency storage solutions. 

Through their partnership, CAT Labs and C4 aim to accelerate the implementation of the CCSS via educational programs, certifications and political outreach. CAT Labs leadership team comprises of cybersecurity and web3 veterans. 

The first initiative is a basic training course on mastering the CCSS Level 1 standard designed for crypto asset managers, hedge funds, insurance companies, family offices and executives at crypto companies. Successful completion of this course will grant participants CCSS Level 1 Certification, signifying a solid grasp of the essential requirements.

This strategic initiative is supported by major crypto industry leaders including crypto infrastructure providers, investors and cybersecurity auditors such as Fireblocks, Halborn, Amphibian Capital, and Lockton. 

“As the first company to achieve Level 3 CCSS certification, we at Fireblocks understand the importance of robust cybersecurity measures required to safeguard cryptocurrency assets. We applaud the efforts of CAT Labs and C4 in their partnership to drive the wider adoption of the CCSS security standard. It is initiatives like these that will solidify the security infrastructure necessary for digital asset custodians, crypto hedge funds, and other businesses in our industry,”

said Michael Shaulov, CEO of Fireblocks

David Schwed, COO at Halborn commented: “With our team of dedicated CCSS-certified auditors, we have seen firsthand the efficacy of the CCSS framework. It’s more than just a security standard; it’s a testament to the maturation and sophistication of the crypto industry. We wholeheartedly endorse the CCSS standard initiative and believe it represents the future of crypto security.”

The team behind CAT Labs

At the helm of a team of crypto and cybersecurity veterans with deep ties to the U.S. Justice Department is CEO Lili Infante. She waa former U.S. Department of Justice Special Agent and pioneer of an early federal crypto and dark web crimes task force.

Infante is joined by Chief Security Officer Uri Stav, who brings an impressive 25-year experience of leading security teams, having previously held the position of CSDO at Digital Currency Group. 

Additionally, CAT Labs’ Head of Digital Forensics, John Hays, is a former U.S. Department of Justice forensic examiner, specializing in digital asset recovery. With a remarkable 7+ years of experience, Hays assisted in some of the most high-profile federal law enforcement investigations involving cryptocurrencies and the dark web, contributing to the seizure of over $150 million in crypto assets.

The team is strengthened by Head of Growth Monica Arias, who boasts over 16 years of experience supporting various U.S. federal government sectors, including the Department of Defense, Department of Justice, Department of Homeland Security, and U.S. Treasury Department. She previously served as the partnerships lead at Chainalysis.

In April, CAT Labs raised $4.3 million in pre-seed funding led by Castle Island Ventures, Brevan Howard Digital, CMT Digital, and RW3 Ventures. The round was joined by Newark Venture Partners, Hash3, Borderless Capital, Cryptoverse Ventures, and Outshine Ventures.

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About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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