Dear Readers,
The recent hack of India's largest crypto exchange, WazirX and the lost of over $ 230 million of cryptos from one of its multisig wallet created a wide range of panic tremors around the crypto users around the world once again.
We have made an detailed article on this. Those who have missed it out, please click here to read it.
Though this is not the first time in the history of Crypto currency exchanges, certainly it has highlighted the risks that are associated with the crypto exchange wallets that we are using it.
The Cryptocurrencies are the new age digital assets which use cutting edge technologies in the block chain.
The Crypto Exchanges are also using various advanced technology measures for trading and storing the digital assets.
Though it is always a matter of concern of hacks to the online crypto wallets, this news is a real shock.
As we have seen that the ~ $9 M crypto assets to be transferred to the investors after almost 13 years wait from Mt Gox exchange ( but still not over), we can could see and analyze the process and the waiting time- is the toughest experience for the crypto investors.
WazirX being one of the largest crypto currency exchanges in India, which underwent the hack and lost to the heavy tune of more than $230, there is once again a loss of confidence on the crypto possessions with the exchange wallets among the wide crypto community.
If WazirX can undergo this type of security breach, just consider other exchanges which have lower resources?
India being the emerging number of crypto investors in the world, this incident will slowly make them a back foot in their crypto investments as well.
With the heavy taxation for the digital assets and stringent regulations for the operation of the crypto exchanges in India, this is a major incident for the crypto investors to think twice to continue their investment journey in cryptos as well.
There are various debates once again raising on the safety standards on the online software based crypto wallets.
The crypto users should understand the risks of this too apart from the regular risks in the crypto price fluctuations.
Shall we once again prefer to the hardware based wallets to store our digital assets which is completely offline and saves us from these online hacks?
There are various advancements in Technology while we also need to understand that the hacking also possible with this most advanced technology measures with large scales like the cyber attacks we are seeing now!
But let's be prepared for everything once we enter into the trading segment with the cryptos!
With the unregulated markets, cryptos are facing the threats often. This also create concerns for policy frameworks and regulatory measures for the Cryptos by the Governments as well. We are not batted for it. With the advancement in technologies hacking is happening every where. On day to day basis, we have also come across various online security breaches with the banking channels as well.
And there is wide range of awareness is needed among the crypto investors on this arena too..
This is a wake up time and we all need to think it and get into the actions on the custodial protection measures together!
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