As a seasoned crypto investor with a knack for navigating the volatile and ever-evolving world of digital assets, I must say that WazirX’s recent moves have caught my attention. The active search for a custodian partner offering insurance for user funds is a promising step towards enhancing security, which is paramount in this dynamic industry.
As a researcher, I’m currently on the hunt for a reliable new custodian who can provide insurance coverage for our users’ funds at WazirX. This move is aimed at bolstering security measures and reducing potential risks, ensuring a safer environment for all our valued customers.
The Indian cryptocurrency platform, WazirX, is on the hunt for a fresh custodian collaborator who can offer insurance for user assets. This move aims to enhance safety measures as they work to streamline their operations post the significant cyber-attack that occurred in July.
🎉 Exciting News! We’ve activated our Proof of Reserves feature, enhancing transparency by allowing you to confirm wallet addresses and examine asset balances. 🌐 Click here to explore this new tool 👉
Remember: Our Proof of Reserves dashboard automatically updates with the latest data…
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) October 25, 2024
On October 24th, the exchange announced they are actively seeking a “safekeeping service provider who can insure the funds to minimize potential losses, particularly in extreme situations.
In the rapidly evolving crypto landscape, where safety remains crucial, insurance coverage is set to assume a greater significance in the provision of custody services.
WazirX
As an analyst, I’d like to highlight that I recently observed the introduction of a dual proof-of-reserves dashboard by WazirX, a platform I work with. This innovative feature was developed in partnership with CoinGabbar, a renowned research marketplace. The dashboard empowers users like myself to independently authenticate wallet addresses and asset balances, fostering transparency and trust within our community.
Following a significant cyberattack in July that cost the platform $235 million, efforts are being made to restore trust. This attack led WazirX to work alongside government bodies such as the Financial Intelligence Unit for an in-depth examination of the incident. As previously reported by crypto.news, the exchange has been proactive in its cooperation with law enforcement agencies, offering transaction records and server logs to support their investigation.
Zettai, the company that oversees WazirX, has been talking with possible collaborators about ways to improve user recoveries. These discussions involve considering investments and profit-sharing deals. Meanwhile, WazirX plans to distribute around 52-55% of its remaining cryptocurrency assets back to clients within the next six months as part of their restructuring process, with a team of ten creditors overseeing these efforts.
Read More
Sorry. No data so far.
2024-10-25 15:14