‘Secure Your Crypto’: Mudrex Announces VDA-Focused Awareness Initiative in India

Crypto investment platform Mudrex has announced a crypto-focused awareness initiative to mark the National Cyber Security Awareness Month this October. In an announcement note shared on Tuesday, October 1 the company said it will be hosting a series of weekly panel discussions focused on crypto safety and cyber security. These sessions will be streamed on the LinkedIn, Instagram, Telegram, YouTube, and X handles of Mudrex. As per the platform, the security of crypto firms has become a top-notch priority for related businesses after multiple hacks and scams have targeted the sector in recent times.

Through its ‘Secure Your Crypto' initiative, Mudrex aims to educate India's investor community on adopting 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 safeguarding against current and emerging threats. The experts will engage with the investor community on topics like securing crypto wallets, necessity of two-factor authentication, and avoiding phishing scams.

“As digital assets gain prominence, securing these investments becomes paramount. Through this campaign, we aim to educate our community and the broader crypto audience on how to 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, that is currently valued at $2.27 trillion (roughly Rs. 1,90,20,364 crore), as per CoinMarketCap, has been prone to hacks on a regular basis.

In July, a multi-signature wallet belonging to the Indian exchange WazirX was hacked, resulting in losses exceeding $230 million (roughly Rs. 1,900 crore). In the aftermath of the breach, WazirX users have been grappling with significant financial losses.

As per a recently released report, the FBI said that crypto investors lost over $5.6 billion (roughly Rs. 47,029 crore) in 2023 through cryptocurrency-related fraud. According to the federal agency, this marked a 45 percent jump in crypto fraud cases since 2022.

In its note, Mudrex said that investors need to take pro-active steps in ensuring 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 noted.

Earlier in August, the Delhi High Court ordered the Ministry of Communitions to remove 38 websites impersonating Mudrex. The platform had approached the court seeking immediate action against these sites after it received multiple complaints from distressed people, who mistook the scam websites for the legitimate official business site of the crypto platform.