In light of recent security breaches in the cryptocurrency world, the role of third-party audits in verifying the security of platforms has come to the forefront. Grant Thornton, a leading global auditor, recently conducted a comprehensive review of Liminal’s infrastructure following a hack on WazirX. The results of the audit provided valuable insights into the effectiveness of Liminal’s security measures.
The audit conducted by Grant Thornton found no evidence of compromise in Liminal’s frontend, backend, or user interface. This reassurance is crucial in maintaining trust among clients and users who rely on the platform for self-custody wallet services. By engaging independent auditors to assess its systems, Liminal demonstrated a proactive approach to addressing potential vulnerabilities.
Despite losses of over $235 million resulting from the hack on WazirX, Liminal’s systems were confirmed to be secure throughout the incident. The self-custody wallet infrastructure, designed to keep private keys with clients, was cleared of any vulnerabilities related to the breach. This confirmation provides peace of mind to clients who entrust their assets to the platform.
Liminal’s emphasis on security and transparency is evident in its response to the hack. The company launched an internal investigation immediately after the incident and pledged to provide updates to clients and users as more information became available. By reinforcing its security measures as a precautionary step, Liminal is taking proactive measures to prevent future breaches.
Third-party audits play a crucial role in ensuring the security of platforms in the cryptocurrency industry. The confirmation of Liminal’s system security by Grant Thornton underscores the importance of independent assessments in verifying the effectiveness of security measures. Moving forward, continued investment in security measures and transparency will be essential for maintaining trust and confidence among clients and users.
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