Mudrex announces VDA-focused awareness initiative in India
Crypto investment platform Mudrex has announced a crypto-focused awareness initiative to mark National Cyber Security Awareness Month in October. In an announcement shared on Tuesday, October 1, the company said it will host a series of weekly panel discussions focused on crypto security and cybersecurity. These sessions will be streamed on Mudrex’s LinkedIn, Instagram, Telegram, YouTube and X handles. According to the platform, security of crypto companies has become a top priority for related businesses after multiple hacks and scams have attacked the sector in recent times.
Through its ‘Secure Your Crypto’ initiative, Mudrex aims to educate the Indian investment community on taking stronger security measures for their crypto assets. To achieve this, the company will bring together experts from the Web3 and cybersecurity industries to share insights on protecting against current and emerging threats. The experts will engage with the investment community on topics such as securing crypto wallets, the need for two-factor authentication and avoiding phishing fraud.
“As digital assets become increasingly important, securing these investments becomes critical. With this campaign, we aim to educate our community and the broader crypto public on how we can adopt best practices and avoid the growing risks associated with cyber threats,” said Edul Patel, CEO and co-founder of Mudrex, commenting on the situation.
The crypto sector, which is currently valued at $2.27 trillion (approximately Rs. 1,90,20,364 crore), according to CoinMarketCapis regularly susceptible to hacks.
In July, a multi-signature wallet belonging to Indian exchange WazirX was hacked, resulting in losses of over $230 million (approximately Rs. 1,900 crore). In the aftermath of the breach, WazirX users are facing significant financial losses.
According to a recently released report, the FBI said that crypto investors lost more than $5.6 billion (approximately Rs. 47,029 crore) in 2023 due to cryptocurrency-related fraud. According to the federal agency, this marked a 45 percent increase in crypto fraud cases since 2022.
In its note, Mudrex said investors should take proactive steps to ensure safe engagement with crypto-related websites, applications and investment patterns.
“The platform will also roll out a series of blog posts, videos and infographics aimed at simplifying complex cybersecurity concepts for everyday investors,” the platform said.
Earlier in August, the Delhi High Court ordered the Communities Ministry to take down 38 websites pretending to be Mudrex. The platform had approached the court seeking immediate action against these sites after receiving multiple complaints from distressed people, who mistook the scam websites for the legitimate official business site of the crypto platform.
