Key takeaways:
- The Indian BWA is concentrating more on enhancing cybersecurity and enhancing consumer safety in the crypto sector in the wake of the $230 million attack on WazirX.
- Chief information security officers from member companies will join one group concentrating on cybersecurity.
The Indian Bharat Web3 Association (BWA) is concentrating more on enhancing cybersecurity and enhancing consumer safety in the crypto sector in the wake of the $230 million attack on WazirX.
The BWA, led by Dilip Chenoy, has reportedly established two new internal groups expressly to deal with these problems and look into the most recent security breach, according to the local media.
Chief information security officers from member companies will join one group concentrating on cybersecurity. In order to stop future security breaches, this team will create standard operating procedures and put remedies into place.
On the other hand, the second group will deal with consumer protection problems, making sure that customer interests are protected and rules remain current.
According to Chenoy, a comprehensive investigation into the breach is under progress, and the BWA is keeping a close eye on the situation and in frequent contact with WazirX and Liminal, the parties affected, to guarantee a full probe of the matter.
He stated that in reaction to the occurrence, the BWA had asked both companies to conduct a complete forensic examination, evaluate the fundamental cause of the problem, and evaluate possible legal and corrective steps.
Chenoy said that in order to guarantee an unbiased assessment, the BWA recommended having the forensic report evaluated by a third party. This strategy would guarantee that every facet of the issue was thoroughly explored and offer an unbiased view of the breach.
The executive said that the BWA has always focused on issues related to regulatory compliance, such as establishing anti-money laundering procedures and registering the Financial Intelligence Unit. However, the recent event has brought attention to how important it is to give cybersecurity more attention.
The association will now include CoinDCX, WazirX’s local rival, in its newly formed groups. The alliance already include key firms including Giottus, Polygon, Coinbase, CoinSwitch, Liminal, Biconomy, Tax Nodes, and Hike. These groups will address the current cybersecurity issues and evaluate and revise consumer protection guidelines that are currently in place.
The theft at WazirX, one of the biggest crypto exchanges in India, was the second-largest hack of a centralized exchange in recent memory, with a substantial loss of almost $235 million.
The BWA moved quickly in response to the attack, which compromised 45% of user cash and may have serious repercussions for India’s crypto industry, which has thrived in spite of government pressure. The exchange unveiled a plan on July 27 to reduce user disruption and preserve platform stability.
