Bharat Web3 Association (BWA), India’s non-governmental Web3 advisory body, is taking a step to act on the growing cybersecurity threats looming large over the crypto sector. On Monday, December 2, the BWA announced the launch of the Alliance for Blockchain and Crypto Defence (ABCD). As part of this initiative, BWA will put together resources and programmes around newer technologies and methods that can help safeguard the Web3 landscape against hackers and vulnerabilities.
“Our goal is to meet all the regulatory requirements without compromising on growth. Building trust around Web3-related products and services holds the key to mass adoption of emerging technologies in India and globally,” BWA Chairperson Dilip Chenoy said in a statement shared with Gadgets360.
From standardising practices for identifying, reporting and mitigating scams to engaging community members in cybersecurity awareness sessions – BWA is looking at a comprehensive approach towards tackling Web3 security issues.
BWA will collaborate with the MeitY, State Cybercrime Cells, CERT-In, I4C, and the Financial Intelligence Unit – India (FIU-IND) to open discussions around current cybersecurity challenges and find applicable solutions.
In the later stages of the growth of the ABDC, BWA aims to expand the initiative globally. Through the initiative, the association is expecting to open gates to industry-specific information sharing on an international level, while also increasing dialogue with authorities all around the world.
“As the alliance develops, it will also invite key individuals to provide strategic guidance regarding how to achieve the objectives of the alliance,” the statement from BWA noted.
Earlier in September, an FBI report said customers lost more than $5.6 billion (roughly Rs. 47,029 crore) last year through cryptocurrency related frauds, marking a 45 percent jump from 2022. In the same report, the FBI also said that hackers and scammers had become more sophisticated in terms of deploying their attacks. The tracking of lost funds via crypto fraud is also part of ABDC’s agenda.
“The partnership aims to identify stolen assets by tracking suspicious wallet IDs in cooperation with crypto analytics firms and cybersecurity institutions. The alliance will develop a centralised platform where members can report fraudulent activities, which will be monitored and reviewed by a team of cybersecurity professionals. This will also include a Common Blacklist for Users, Entities, with addresses being collated from participants,” BWA said.
In the coming months, BWA will be open to Web3 stakeholders who can help the ABCD stay rooted in its idea of tacking cybersecurity issues.
BWA, founded in 2022, has been expanding its footprint outside of India this year. In September, for instance, it signed MoUs with Australia and Indonesia for coming together on Web3-related matters.