Platform security assumes criticality in the face of crypto hacks

Crypto platforms need to integrate automation and intelligence into a unified security stack, run well-compensated bug bounty programmes, and have stringent KYC protocols in place

As cryptocurrency gains traction in India, platform security is becoming increasingly critical to the future of crypto operations, especially in light of two major hacks in the past year that resulted in losses exceeding $270 million.

 

It is imperative to plug leakages when it comes to cybersecurity of companies by reading early warning signs ahead of a potential cyber attack, experts said.

 

In July last year, crypto exchange WazirX lost about $230 million to a hack. Earlier this month, another exchange, CoinDCX, saw about $44 million wiped out, though the company maintained that customer funds remained secure.

 

“Without hundreds of