Bharat Web3 Association Launches ‘Alliance for Blockchain and Crypto Defense’ to Enhance Cybersecurity and Trust in the Web3 Ecosystem

In response to the growing cyber threats facing the Web3 ecosystem, Bharat Web3 Association (BWA) is excited to announce the launch of the Alliance for Blockchain and Crypto Defense (ABCD). This new initiative aims to create a safer, more transparent environment for all stakeholders in the Web3 space. Initially focused on India, the alliance is designed to expand globally, incorporating Web3 firms and industry associations from around the world

Commenting on the alliance, Dilip Chenoy, Chairperson of Bharat Web3 Association, stated, “Cybersecurity is one of the top priorities to ensure that the Web3 ecosystem fulfils the aspirations of all the relevant stakeholders of the industry. 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.”

Mr. Chenoy added “Through this alliance, we are committed to putting together a collaborative framework that responds to current challenges while promoting long-term trust among users and investors. Together, we can build a safer digital future.” 

As cases of scams and cyberattacks continue to rise, the BWA recognizes the urgent need for collective action. The new alliance will focus on several critical endeavours, such as:

• Strengthening Security and Trust: By pooling resources and expertise, members will collaborate on developing robust security protocols and strategies to combat scams within the ecosystem. 

• User and Investor Education: The partnership will, therefore, engage consumers in emerging scamming techniques, security measures, as well as risk mitigation strategies through all media channels.

• Standardizing Best Practices: The alliance will establish and promote industry-wide best practices for identifying, reporting, and mitigating scams.

• Collaboration with Regulatory Bodies: The collaboration will coordinate with the country’s various regulatory authorities, including MeitY, State Cybercrime Cells, CERT-In, I4C, and FIU-IND, to comply and create a culture of trust.

• Information Sharing: The members will share real-time information on scam activities, faster detection, and prevention of fraudulent activity.

• Tracking Stolen Funds: The partnership aims to identify stolen assets by tracking suspicious wallet IDs in cooperation with crypto analytics firms and cybersecurity institutions.

The BWA encourages participation by all stakeholders involved in the Web3 sector, from startups to established firms. As the alliance develops, it will also invite key individuals to provide strategic guidance regarding how to achieve the objectives of the alliance. BWA looks forward to developing a collaborative structure that not only addresses the current cybersecurity challenges but also furthers long-term trust and accountability in the rapidly evolving landscape of Web3.