Crypto investment platform Mudrex has announced a crypto-focused awareness initiative to mark National Cyber Security Awareness Month this October. In an announcement made 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 LinkedIn, Instagram, Telegram, YouTube and Mudrex’s X handles. According to the platform, the security of crypto companies has become a top priority for related companies after multiple hacks and scams have targeted the sector in recent times.
With its ‘Secure Your Crypto’ initiative, Mudrex aims to educate the investor community in India on adopting stronger security measures for their crypto assets. To achieve this, the company will bring together Web3 and cybersecurity industry experts to share insights on protecting against current and emerging threats. Experts will engage with the investor community on topics such as securing crypto wallets, the necessity of two-factor authentication, and avoiding phishing scams.
“As digital assets gain importance, securing these investments becomes paramount. Through this campaign, we aim to educate our community and the wider 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, currently valued at $2.27 trillion (roughly Rs. 1,90,20,364 crore), according to CoinMarketCap, is regularly prone to hacking.
In July, a multi-signature wallet belonging to the Indian stock exchange WazirX was hacked, resulting in losses exceeding $230 million (roughly Rs. 1,900 crore). Following the breach, WazirX users are struggling with significant financial losses.
According to a recently released report, the FBI said that crypto investors lost over $5.6 billion (roughly Rs. 47,029 crores) in 2023 through crypto-related scams. According to the federal agency, this marked a 45 percent jump in crypto fraud cases since 2022.
In its note, Mudrex said investors must take proactive steps to ensure safe engagement with crypto-related websites, apps and investment forms.
“The platform will also release 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 Communications to take down 38 websites impersonating Mudrex. The platform went to court seeking immediate action against the sites after receiving multiple complaints from upset people, who mistook the scam sites for the legitimate official place of business of the crypto platform.