Industry experts analyse WazirX hack: Lessons and future steps for India’s crypto ecosystem
security breach, resulting in a loss of over $230 million. This incident, the largest of its kind in India to date, has prompted a thorough examination of security measures and investor protections within the burgeoning crypto ecosystem. To dissect the implications and learnings from this event, a panel discussion was held on ETMarkets live stream with industry veterans Dilip Chenoy, Chairman of the Bharat Web3 Association; Ashish Singhal from CoinSwitch; Sumit Gupta from CoinDCX; and Edul Patel, from Mudrex.
Dissecting the Hack
Edul from Mudrex provided an in-depth analysis of the hack, explaining how malicious actors accessed a secure wallet holding a significant portion of WazirX’s funds. The attackers executed a series of unauthorised transactions, and preliminary investigations suggest that the breach was orchestrated by the Lazarus Group, a notorious hacking collective. Edul emphasised the need for advanced security measures to defend against increasingly sophisticated cyber threats.
Industry's Security Measures
Ashish from CoinSwitch and Sumit Gupta from CoinDCX shared their perspectives on the broader implications for crypto exchanges. Ashish noted that while this is not the first incident of its kind, it highlights the evolving nature of security challenges in the crypto space. CoinSwitch, he said, works with top custody providers and continuously updates its security practices to safeguard user funds.
