All posts tagged: BitGo

Bharat Web3 Association to Host Web3 Cybersecurity Workshop in Bengaluru on May 8

Bharat Web3 Association to Host Web3 Cybersecurity Workshop in Bengaluru on May 8

The Bharat Web3 Association (BWA) has announced a cybersecurity workshop that will be conducted in Bengaluru on May 8. During the upcoming event, the BWA will discuss security challenges related to crypto exchanges and wallets. Representatives from multiple crypto firms like Coinbase and Bitgo have been listed as speakers for this workshop. The BWA is aiming to prepare Indian Web3 firms to deal with the sophisticated hacking and scamming methods used by malicious actors to target the $3 trillion (roughly Rs. 2,52,75,450 crore) industry. CoinDCX CISO Sridhar Govardhan is one of the speakers scheduled to discuss the lessons that can be learnt from recent breaches that impacted the Web3 space. Other representatives from companies like CoinSwitch and Mudrex are also slated to speak at the workshop, Chenoy told Gadgets 360. Muralidharan Sundaramurthy, Head of Technology Risk and Security Compliance, APAC, Coinbase and Barath Jawahar, Director of Engineering, BitGo are slated to talk about the risks for Web3 projects around third-party integrations and cloud security. Marc Krisjanous, a senior committee member from the CryptoCurrency Security Standard …

FTX Bankruptcy: BitGo Recovers $740 Million in Crypto Assets So Far, Court Filings Show

The company tasked with locking down the assets of the failed cryptocurrency exchange FTX says it has managed to recover and secure $740 million (roughly Rs. 6,040 crore) in assets so far, a fraction of the potentially billions of dollars likely missing from the company’s coffers. The numbers were disclosed on Wednesday in court filings by FTX, which hired the cryptocurrency custodial company BitGo hours after FTX filed for bankruptcy on November 11. The biggest worry for many of FTX’s customers is they’ll never see their money again. FTX failed because its founder and former CEO Sam Bankman-Fried and his lieutenants used customer assets to make bets in FTX’s closely related trading firm, Alameda Research. Bankman-Fried was reportedly looking for upwards of $8 billion (roughly Rs. 65,330 crore) from new investors to repair the company’s balance sheet. Bankman-Fried “proved that there is no such thing as a ‘safe’ conflict of interest,” BitGo CEO Mike Belshe said in an email. The $740 million (roughly Rs. 6,040 crore) figure is from November 16. BitGo estimates that the amount of recovered and secured assets …