WazirX Concludes Custody Partnership, Secures Funds with New Multisig Wallets
Overview of WazirX's Decision
Indian cryptocurrency exchange WazirX, facing the repercussions of a $230 million exploit in July, has decided to end its custody relationship with Liminal. This shift is part of a larger strategy to secure user assets more effectively.
Why WazirX Made This Move
The decision comes after careful consideration of the security measures involved in holding user funds. WazirX is introducing new multisig wallets to ensure enhanced protection against future breaches.
Key Points of Interest
- Ending Partnership: WazirX terminates its relationship with Liminal.
- Security Upgrade: Transitioning to new multisig wallets.
- Restoring Trust: Aimed at rebuilding user confidence post-exploit.
Conclusion
This strategic move by WazirX underscores the importance of security in the cryptocurrency space. By implementing new security protocols, the exchange aims to provide a safer environment for its users' funds.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.