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Showing posts with the label Blockchain Security

How to Avoid Another WazirX-Style Crypto Hack in 2024

In the rapid and dynamic cryptocurrency environment, the security of your digital assets has never been more vital. The recent WazirX hack serves as a stark reminder of the vulnerabilities that can plague even the most prominent crypto exchanges. This article delves into the details of the WazirX breach, explores the underlying issues of crypto security, and offers actionable advice to safeguard your investments against similar threats in the future. Understanding the WazirX Hack WazirX, the largest India's cryptocurrency exchange, was the unlucky one involved in a major security breach in July 2024. The hackers successfully made away with cryptocurrency worth $230 million by transferring it from the platform's wallet. This This incident is alarming not only because of the massive amount stolen but also due to its impact on millions of users. WazirX was a platform with more than 16 million registered users during the hack, and the balance amount was about $570 million . The br...