tl;dr
WazirX, India's largest digital asset exchange, is planning a relaunch after surviving a $230 million cyberattack. To enhance platform security, it has partnered with BitGo Trust Company and Zodia Custody, both renowned for their institutional-grade security measures. WazirX has also completed an in...
WazirX, India's largest digital asset exchange, is planning a relaunch after surviving a $230 million cyberattack. To enhance platform security, it has partnered with BitGo Trust Company and Zodia Custody, both renowned for their institutional-grade security measures. WazirX has also completed an independent verification of its platform assets and liabilities. Despite facing challenges, WazirX remains resilient and determined to bounce back. Additionally, CoinDCX has expressed interest in acquiring WazirX, while CoinSwitch has launched a $70 million asset recovery initiative for affected users.
WazirX, once India’s largest digital asset exchange by trade volume, is investing in collaborations and boosting its platform security as it plans to rebuild itself after a $230 million cyberattack last year. North Korea’s Lazarus Group was responsible for the WazirX hack. WazirX is partnering with BitGo Trust Company, a regulated digital asset custodian, and Zodia Custody to strengthen the security of funds on the platform.
Zettai Pte Ltd, the Singapore-based entity of WazirX, is responsible for crypto-to-crypto operations and has partnered with BitGo Trust Company to enhance security. BitGo Trust's institutional-grade technological infrastructure includes multi-signature wallets with robust policies, controls, and up to $250 million in insurance coverage.
WazirX has also partnered with Zodia Custody, known for upholding the highest regulatory standards, including SOC 1 Type I and SOC 1 Type II certifications, confirming its effectiveness in financial reporting and ensuring separation of client funds.
The completion of an independent verification of WazirX's platform assets and liabilities further ensures vital transparency and integrity. Despite the cyberattack, WazirX has received acquisition interest and financial support, demonstrating its resilience and potential for a successful comeback.