India Boosts Crypto Cybersecurity After WazirX Hack

Following a $230 million security breach at WazirX, the Bharat Web3 Association (BWA) is intensifying its efforts to improve cybersecurity and consumer protection in the cryptocurrency space.

The BWA, chaired by Dilip Chenoy, has launched two new teams to address these concerns. One team will focus on enhancing cybersecurity practices by developing new protocols and preventative measures. The other will concentrate on updating consumer protection policies to better secure user interests.

Chenoy indicated that an in-depth investigation into the breach is underway. The BWA is working closely with WazirX and Liminal, requesting detailed forensic reports and suggesting an independent review to ensure objectivity.

Traditionally, the BWA has dealt with regulatory compliance, but the recent hack has highlighted the need for greater emphasis on cybersecurity. The association, which includes major players like Coinbase and Polygon, will now also involve CoinDCX to strengthen these efforts.

The WazirX hack, which affected nearly half of user funds and resulted in a $235 million loss, is one of the largest in recent history and has prompted swift action from the BWA. WazirX has since outlined plans to stabilize its platform and minimize disruption for its users.