Sentinel Protocol, a crowdsourced threat intelligence platform built on blockchain, has raised US$8 million via  public token sales aka ICO.

As per a press statement, the firm hit the target of 82.75 million Uppsala tokens (UPP) in its ICO within a short time of launching the sale.

Sentinel Protocol is a platform to protect you against scams, hacks and fraud. Its team of white hat hackers, code-breakers and cryptographers aims to protect the cryptocurrency space by compiling data on suspicious transactions, dangerous malware, and phishing attacks. Both identified and unidentified threats will be analysed and stored on the blockchain with integration to crypto wallets and exchanges — which means suspicious activity can be flagged and shut down before a transaction happens.

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Individuals or organisations will be able to report hacking incidents on the Sentinel portal.

The firm is already working on building the decentralised Threat Reputation Database (TRDB) to improve crypto asset security by making it available as a free API to crypto exchanges, wallets and payment services. This prevents the use of stolen cryptos, discouraging malicious behaviour while incentivising security professionals with rewards for their contributions.

It is estimated that over the last four years, US$10 billion has been stolen in cryptocurrency attacks and hacks. As the market capitalisation and volume of transactions grows, crypto exchanges and wallets only become more tempting targets for criminals.