WazirX Ends Custody Relationship with Liminal and Transitions to Enhanced Security Measures
Overview of WazirX's Recent Changes
WazirX, known for being one of India's largest cryptocurrency exchanges, has taken critical steps toward improving its security infrastructure. After facing a devastating $230 million exploit in July, the exchange has decided to end its relationship with the custody provider Liminal. This strategic move is aimed at strengthening its asset management protocols and restoring user confidence.
Transition to Multisig Wallets
To protect against future security breaches, WazirX is transitioning its funds to new multisig wallets, which require multiple signatures to authorize transactions. This approach not only enhances security but also places greater governance control over the assets.
Conclusion
WazirX's decision to switch custody providers and implement multisig wallet technology marks a significant step towards improved asset security in the ever-evolving landscape of cryptocurrency trading.
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.