In response to the recent $230 million WazirX hack, India’s Bharat Web3 Association (BWA) is taking decisive steps to enhance cybersecurity and consumer protection within the crypto industry. The BWA, chaired by Dilip Chenoy, announced the formation of two new internal groups dedicated to these areas. Moreover, these groups will aid in probing the recent security breach.
BWA Aids WazirX Hack Recovery
The groups will include representatives from all BWA members, such as WazirX, Coinbase, Polygon, CoinSwitch, Liminal, Biconomy, Tax Nodes, Giottus, and Hike. Furthermore, the compromised exchange’s local rival, CoinDCX, will also join the fray. These groups aim to review and update existing consumer code guidelines while addressing the current cybersecurity challenges.
For context, on July 18, WazirX, India’s largest crypto exchange, reported a loss of 45% of its holding assets following a hack of one of its multisig wallets. The attack, allegedly carried out by North Korea’s Lazar
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