Mudrex to announce a crypto focused initiative on observing National Cyber Security Awareness Month

News Mania Desk /Piyal Chatterjee/ 1st October 2024

The cryptocurrency investing platform Mudrex has declared that it will be observing National Cyber Security Awareness Month in October with a crypto-focused awareness campaign. The company said that it will be presenting a series of weekly panel discussions on cyber security and crypto safety in an announcement note issued on Tuesday, October 1. These sessions will be webcast on Mudrex’s X, Telegram, YouTube, LinkedIn, and Instagram handles. The platform claims that because the cryptocurrency industry has recently been the target of numerous hacks and frauds, associated businesses now place the highest importance on the security of crypto corporations.

Mudrex wants to inform Indian investors on implementing more robust security protocols for their cryptocurrency holdings through its “Secure Your Crypto” campaign. In order to accomplish this, the business will convene professionals from the cybersecurity and Web3 domains to exchange perspectives on defending against present and potential dangers. The experts will engage with the investment community on subjects like safeguarding crypto wallets, requirement of two-factor authentication, and avoiding phishing schemes.

“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.

According to CoinMarketCap, the value of the cryptocurrency market is currently $2.27 trillion, or around Rs. 1,90,20,364 crore. The industry has a history of frequent thefts.

A multi-signature wallet used by the Indian exchange WazirX was compromised in July, with losses totaling more than $230 million (about Rs. 1,900 crore). Users of WazirX have been dealing with large cash losses after the breach.According to an FBI analysis that was just made public, scams involving cryptocurrencies cost investors more than $5.6 billion (about Rs. 47,029 crore) in 2023. The federal office reported that since 2022, the number of incidents of cryptocurrency fraud has increased by 45 percent.

The Ministry of Communion was asked by the Delhi High Court earlier in August to take down 38 websites that impersonated Mudrex. The platform received numerous complaints from upset customers who mistakenly believed the scam websites to be the crypto platform’s official, official business website. As a result, the company filed an instant action request with the court.