India might not be leading the crypto race at the moment. However, it certainly has the potential to be one of the leading names in the ecosystem. Then again, the landscape is still developing, and more stringent security measures must be implemented.
A recent cyberattack on a popular crypto platform named WazirX has exposed the need to implement more detailed and stringent measures. According to a media report, WazirX just faced a total loss of around ₹2,000 crore. This immediately sent the community on a red alert.
The Delhi court soon took over the charge and ordered the CBI, or the Central Bureau of Investigation, to investigate the matter. While some initially believed the attack was foreign, later details suggested otherwise.
One Person Arrested
One individual has been arrested so far. The prime suspect is SK Masud Alam, a West Bengal resident. During the initial stages of the investigation, a name, Souvik Mondal, popped up several times. Later, it was noticed that the name was just an alias and the account belonged to Alam.
Probe found that Alam’s account received around ₹91 lakh. This set off flares and made people more vigilant.
Delhi court is taking the matter seriously and has openly issued a statement saying, “this particular case is one which requires it to be investigated by any national or central investigating agency like CBI. Ramification of this case, particularly the magnitude of the offence, the manner in which the offence has been committed and the footprints which may be all over the world — require to be thoroughly investigated.”
Even though police are investigating Alam’s involvement, the rumors of a syndicate’s involvement remain unconfirmed.
