WazirX Ends Custody Relationship with Liminal and Transitions to Enhanced Security Measures

Wednesday, 14 August 2024, 10:20

WazirX, the prominent Indian cryptocurrency exchange, has officially severed ties with its custody provider, Liminal. This decision follows a significant exploit in July resulting in a loss of $230 million. In a bid to bolster security and regain user trust, WazirX is moving its funds to newly established multisig wallets, ensuring better protection for its assets and enhanced governance over cryptocurrency transactions.
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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.


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