In the wake of the devastating WazirX hack, which resulted in a staggering $235 million loss, the Blockchain and Crypto Assets Council (BWA) has taken swift and decisive action to address the growing concerns of cybersecurity and consumer protection in the crypto industry. Chaired by Dilip Chenoy, the BWA has launched two new teams to tackle these pressing issues head-on.

One team will focus on fortifying cybersecurity practices by developing innovative protocols and preventative measures to safeguard against future breaches. The other team will concentrate on updating consumer protection policies to better secure user interests and prevent such catastrophic losses.

Chenoy emphasized that a thorough investigation into the breach is currently underway, with the BWA working closely with WazirX and Liminal to obtain detailed forensic reports and ensure an independent review to guarantee objectivity. This collaborative effort marks a significant shift in the BWA's approach, as it expands its focus beyond regulatory compliance to prioritize cybersecurity.

The association, which boasts prominent members like Coinbase and Polygon, will also enlist the expertise of CoinDCX to bolster these efforts. This united front against cyber threats and consumer exploitation sends a strong message that the crypto industry is committed to protecting its users and upholding the highest standards of security.

The WazirX hack, which affected nearly half of user funds, is one of the largest in recent history, and its aftermath has prompted the BWA to take proactive measures to prevent such incidents from occurring in the future. WazirX has since outlined plans to stabilize its platform and minimize disruption for its users, and the BWA's efforts will undoubtedly play a crucial role in restoring confidence in the crypto industry.