In the wake of the recent $230 million WazirX hack, the crypto industry has rallied together to address the pressing issue of cybersecurity. India’s Bharat Web3 Association (BWA), chaired by Dilip Chenoy, has led this endeavor.
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 … pic.twitter.com/aV2bv0tH7c
— Parrot Coin (@parrot_coins) July 31, 2024
You’ll recall that per a Coinfomania report 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 multi-sig wallets. The attack, allegedly carried out by North Korea’s hacker Lazarus Group—a purportedly state-sponsored cyber operator conducting threat activity in support of the North Korean regime—resulted in the theft of various cryptocurrencies.
Update: We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding.…
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 18, 2024
The stolen assets so far included $102 million in Shiba Inu (SHIB), $52.5 million in Ethereum (ETH), $11.24 million in Polygon (MATIC), $7.6 million in Pepe Coin (PEPE), $135 million in Tether (USDT), and $3.5 million in Gala (GALA), all totaling around $230 million, as first reported by cybersecurity platform Cyvers Alerts, and later confirmed by Blockchain transaction tracker Lookonchain, both in their X (formerly Twitter) handles.
Update:#WazirX has ~$230M in assets stolen. Including:5.43T $SHIB($102M)15,298 $ETH($52.5M)20.5M $MATIC($11.24M)640.27B $PEPE($7.6M)5.79M $USDT135M $GALA($3.5M)…Please note that the hacker is selling these assets!https://t.co/1uOozAVeM1 https://t.co/ogtVSFITK9 pic.twitter.com/3vPmxqXwbL
— Lookonchain (@lookonchain) July 18, 2024
Weeks later, WazirX announced a fund recovery plan after the hack.
In response to the recent cyber attack that led to the theft of $230 million (45% of user funds), we are committed to handling the situation fairly and transparently. We are implementing a socialized loss strategy to distribute the impact equitably among all users.To manage the… pic.twitter.com/uOKvxWuEip
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 27, 2024
BWA’s is Championing a United Response
In response to this significant breach, the BWA announced the formation of two new internal groups dedicated to enhancing cybersecurity and consumer protection within the crypto industry. These groups include representatives from all BWA members, such as WazirX, Coinbase, Polygon, CoinSwitch, Liminal, Biconomy, Tax Nodes, Giottus, and Hike. Even CoinDCX, a local rival of the compromised exchange, will, in like manner, join the hunt.
The groups aim to review and update existing consumer code guidelines while addressing the current cybersecurity challenges. They will also aid in probing the recent security breach. “We have asked both of them to do a complete forensic analysis and root cause analysis on the issue and evaluate the legal and remedial actions that can be taken post this incident,” said BWA Chair Chenoy.
To ensure impartiality and thoroughness, the BWA has suggested a third-party evaluation of the forensic report, eyeing an unbiased investigation to uncover the root causes and identify actionable lessons.
The goal is to Forestall Future Breaches of Sort
The cybersecurity group, which includes chief information security officers (CISOs) from the member firms, will develop standard operating procedures (SOPs) and solutions to prevent a repeat of the latest security breach. This united front in the face of adversity, or a common foe—in this case, the Lazarus Group, and possibly their cronies, anywhere in the world—strongly reflects the resilience of the crypto industry and its continued commitment to safeguarding the interests of its consumers, business rivalries, or private interests aside.
In Dilip Chenoy’s words, “We have agreed to create two groups to look at how to address such issues from both cybersecurity and consumer perspectives going forward. They will be looking into this (WazirX) issue as well to come up with solutions.” This proactive approach is a silver lining in the cloud, demonstrating the industry’s readiness to learn from its mistakes and fortify its defenses for a more ‘safe’ tomorrow.
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