The crypto domain is popular for its decentralized and secure capabilities.Recently WazirX hack reported a staggering loss of $230 Billion indicate that vulnerabilities can take place even within the most trusted systems.Also,it has raised a critical question on the reliability of self-custodial white label crypto wallet.
Insights to WazirX Security Breach
WazirX a prominent cryptocurrency exchange experienced significant loss by including its multi-signature wallet.The breach occurred out of a discrepancy that took place due to the disparity between Liminal’s interface & actual transaction contents.This enabled hackers to access the system despite integrating security mechanisms.
The incident presents a compelling opportunity to discuss how these solutions can be improved.Below are certain ways that you can integrate to enhance the reliability of self-custody solutions:
- Integrate Hyper Protected Multi-Party Computation Mechanisms(MPC)
Multi-Party Computation(MPC) mechanisms integration within the wallets divides the private key into shares while each party is unaware of the key held by another.This enhances the security and privacy of the solutions.Upgrade your regular solutions to Multi-Party Computation(MPC) wallets to safeguard your private keys from hacks.
- Leverage Advanced Monitoring Tools
Develop wallets that provide real-time information in case of unusual transactions.This helps you act quickly and save yourself from catastrophic losses.Integrate Anti-Money Laundering(AML) tool to determine and mitigate any suspicious activity.
- Enhance User Education & Adopt Best Approaches
Make sure that the wallet has been thoroughly audited in terms of software updates & access logs.Educate users regarding the significance of secure seed phrase and private key storage.These must be stored offline at an unknown location.
Adopt these strategies to save your wallet from security events.Also,partner with a reliable self-custody white label crypto wallet provider like Antier that integrate advanced security mechanisms & ensure secure back-up to safeguard your assets.Discover the potential of their highly-secure wallets by consulting them now!