The WazirX hack in July 2024 resulted in a $230 million loss, sparking a blame game between the exchange and custodian Liminal. Forensic investigations clear Liminal, raising concerns about crypto security.
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“This enhanced security is crucial in driving the adoption of crypto as an investable asset class,” states Zakhil Suresh, CEO at BitSave.
“We look forward to working with VARA to finalize our operations and commence regulated custody services soon,” states Amir Tabch, CEO of Liminal Custody Solutions Middle East.
Manhar Garegrat, from Liminal Custody Solutions, sheds light on safeguarding strategies, and challenges in the evolving crypto landscape ahead of the upcoming Bitcoin halving on April 20.
As digital assets gain mainstream adoption, institutions require robust security and scalable options for storing their digital assets.
“We recognize the sensitive nature of user data and are committed to upholding the highest standards of data protection,” states Dhruvil Shah, SVP of Technology at Liminal.
Dr. Sharmila brings unmatched expertise in MPC technology, with a track record of innovative solutions in cryptography and blockchain security. Her impressive professional journey includes senior positions at leading organizations such as Insaanity, ZebPay, Acekrypt, Microsoft Research India, 0Chain, and IIT Madras.
“The combined strength of both the brands will not only enhance the digital asset experience for users but also create a highly secure ecosystem for fostering innovation in digital asset custody services,” states Sukesh Tedla, Director of Liquidity & Exchanges at Telos Network.
Their efforts included facilitating asset transfers, onboarding police officers, creating segregated wallets, and navigating the complexities of handling illicit cryptocurrency assets held by the perpetrators.
Abu Dhabi has a sophisticated regulatory framework for crypto assets, making it an attractive location for service providers in the rapidly growing fintech landscape of the Middle East.