Bharat Web3 Association Launches ‘ABCD’ Initiative to Enhance Web3 Security

The Bharat Web3 Association (BWA), a non-governmental advisory body in India focused on Web3 technologies, has announced a new initiative aimed at addressing the growing cybersecurity risks in the crypto sector. On December 2, 2024, BWA introduced the Alliance for Blockchain and Crypto Defence (ABCD), a comprehensive initiative designed to safeguard the Web3 ecosystem from cyber threats and vulnerabilities.

Strengthening Web3 Security

BWA’s chairperson, Dilip Chenoy, highlighted the need for a balanced approach to Web3 development, emphasizing the importance of ensuring cybersecurity while fostering growth in the sector. “Our goal is to meet all the regulatory requirements without compromising on growth. Building trust around Web3-related products and services is key to mass adoption of emerging technologies, both in India and globally,” Chenoy stated.

The ABCD initiative will focus on several strategies, including standardizing practices for identifying, reporting, and mitigating scams. The BWA also plans to engage with the Web3 community through cybersecurity awareness sessions to build collective resilience against cyberattacks.

Collaboration with Key Authorities

BWA is collaborating with various key institutions such as the Ministry of Electronics and Information Technology (MeitY), State Cybercrime Cells, CERT-In, I4C, and the Financial Intelligence Unit of India (FIU-IND) to tackle the cybersecurity challenges that threaten the Web3 space. The goal is to have an open discussion on current issues, share resources, and develop solutions to protect the Web3 ecosystem.

In the later phases of the ABCD’s growth, BWA plans to expand the initiative internationally. The global expansion aims to enhance information sharing and increase dialogues with authorities worldwide to ensure a safer digital environment for Web3 technologies.

Addressing the Rise in Cybercrime and Fraud

The rise of cryptocurrency-related frauds has raised alarms in the global cybersecurity landscape. A recent FBI report revealed that customers lost more than $5.6 billion due to crypto-related frauds last year, a 45% increase from 2022. Hackers have become increasingly sophisticated in deploying cyberattacks, underscoring the need for initiatives like ABCD.

The ABCD initiative will focus on tracking lost funds through crypto fraud, collaborating with crypto analytics firms and cybersecurity institutions to identify stolen assets. One key feature of the program will be the creation of a centralized platform where members can report fraudulent activities. This platform will be monitored by cybersecurity experts, and a Common Blacklist for users and entities involved in fraudulent activities will be maintained.

Future Goals and Expansion

In the coming months, the BWA will invite more Web3 stakeholders to join the ABCD initiative to help address ongoing cybersecurity challenges. The association is also focused on developing a platform where industry-specific information can be shared globally, improving transparency and cooperation across borders.

Founded in 2022, the Bharat Web3 Association has expanded its presence internationally, signing MoUs with Australia and Indonesia earlier this year to foster collaboration on Web3-related matters. With the ABCD initiative, BWA aims to lead efforts in securing the rapidly evolving Web3 landscape, providing a safer environment for users and businesses alike.