WazirX’s Post

You (WazirX, Nischal Shetty, WazirX Team) may have already consulted with top legal experts, but I wanted to share my thoughts out of genuine concern for the community. These incidents are hurting your reputation and could lead to increased scrutiny from regulators for the Crypto Community. - FIR you have lodged, that is great! - Obtain an injunction to freeze any suspicious accounts on other exchanges where the stolen funds might have been transferred. - Inform the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) about the breach to ensure compliance with regulatory requirements. - Retain specialized legal counsel with expertise in cybersecurity and cryptocurrency to guide WazirX through the legal complexities of the situation. - Collaborate with international legal bodies and law enforcement agencies, particularly if the stolen funds have been moved abroad. Don’t hesitate to formally request their assistance through a letter or email—there’s no shame in seeking help, as these situations can happen to anyone. And some additional steps you can take to mitigate the impact. -- Review and update terms of service to include clauses that limit liability and clearly outline the steps users should take in case of such incidents. -- Set up a legal compensation fund for affected users, either through insurance claims or a dedicated fund, to mitigate legal actions from users. --Conduct a Legal Review of Security Practices: Regularly review and audit security practices with legal oversight to ensure compliance with evolving cybersecurity laws and regulations. #BuildWeb3 #Legal #crypto #news #innovation

I recently spoke with Philipp Anz of Swiss media outlet Inside IT about the latest law enforcement actions against the ransomware group Alphv. The focus was on the dramatic developments where Alphv regained control over their darknet site, illustrating the ongoing cat-and-mouse game between cybercriminals and authorities. I also discussed how groups like Lockbit are now recruiting members from Alphv, indicating a shift in the cybercrime landscape. The extent of law enforcement’s impact on Alphv remains uncertain, as actions have primarily disrupted their domains and infrastructure without any arrests. This situation highlights the evolving complexity of cybercrime, suggesting that even if one ransomware gang is dismantled, others are likely to emerge. Read the full article : https://lnkd.in/gP6zPBqg

Email hacking is becoming much more prevalent and is now a commonplace in financial fraud. To highlight how criminals can operate, we've detailed two fictitious case studies: https://ow.ly/A6Vv50QJ9Le

You read that correctly. We clawed back $38 million in stolen funds for our policyholders in 2023. 🦞🏦 Ever wondered how it works? Watch the short video below to learn about our clawback process, and check out more trends about funds transfer fraud claims in our 2024 Cyber Claims Report: https://bit.ly/3waQcwj

Cybercrime can hit anyone, especially when you least expect it. Chris Perry from Ascent offers seven tips for staying ahead of it.

Cybercrime can hit anyone, especially when you least expect it. Chris Perry from Ascent offers seven tips for staying ahead of it.

At 360 Wealth Planners we understand the importance of protecting your hard-earned investments and financial well-being, so in this video, we will provide valuable insights and practical tips to help safeguard your investment accounts and personal data from cybercrime.

At Responders.NU, unfortunately, we had to transfer €6.000.000 to cyber criminals in a total of 34 cases where a payment was made. The upside is that we managed to keep at least €34.000.000 out of their pockets during those payments. This means the overall ransom discount we managed to achieve is 85%. These statistics do not include cases where the customer decided not to pay or where decryption keys were received for free. In a total of 4 cases we managed to get the decryption keys for free. In 3 cases (Hive, BlackCat, Lockbit) Law Enforcement interfered while we were still in active negotiations. With our joined action against the Deadbolt Ransomware we managed to get 155 decryption keys for free, saving approximately €250.000 from falling into the hands of criminals. And the botnet even ceased to exist completely preventing millions of future damage!

Cybercrime can hit anyone, especially when you least expect it. Chris Perry from Ascent offers seven tips for staying ahead of it.

Cybercrime can hit anyone, especially when you least expect it. Chris Perry from Ascent offers seven tips for staying ahead of it.