India’s BWA Launches Initiative to Enhance Crypto Industry Cybersecurity

India’s Bharat Web3 Association (BWA) has taken proactive steps to prevent future cybersecurity mishaps in the wake of the recent WazirX hack. The BWA, led by Dilip Chenoy, has announced the launch of two new internal groups comprised of members from various prominent crypto firms, including Coinbase Global Inc, Polygon, CoinSwitch, and WazirX.

The primary focus of these internal groups is to enhance cybersecurity and consumer protection within the Indian crypto industry. Chief Information Security Officers (CISOs) from member firms will collaborate to design Standard Operating Procedures (SOPs) and solutions to prevent hacking recurrence. The groups will also investigate the recent $230 million WazirX security breach and update consumer code guidelines to address current cybersecurity challenges.

Chenoy emphasized the importance of a thorough forensic analysis and root cause analysis of the WazirX hack, urging both WazirX and Liminal to evaluate legal and remedial actions post-incident. The BWA is also considering a third-party evaluation of the forensic report to ensure impartiality and thoroughness.

The WazirX hack involved the siphoning of $230 million in cryptocurrencies, representing 45% of the total customer deposits on the platform. The stolen assets, including Tether, Pepe, and Gala, were converted into Ethereum by the hacker. Subsequent transfers of the stolen assets to new crypto wallets were reported by blockchain security firms.

WazirX has launched bounty programs offering rewards for information leading to the freezing of stolen funds and the recovery of assets. However, the BWA’s efforts to implement robust cybersecurity measures and prevent future incidents may prove more effective in safeguarding the Indian crypto space.

The BWA’s strategic shift towards cybersecurity measures comes in response to the WazirX hack, highlighting the importance of industry collaboration and proactive measures to protect consumers and prevent cyber threats in the rapidly evolving crypto landscape.