“I alerted Nischal of WazirX Hack, He didn’t believe first”: Cyvers VP
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
WazirX Hack Details: Michael Pearl from Cyvers revealed that he alerted WazirX co-founder Nischal Shetty about a significant hacking attempt on July 18, which resulted in the theft of $234.9 million from their multi-signature wallet. Despite initial disbelief, WazirX's response was delayed, and Pearl emphasized that proactive security measures could have prevented the hack.
Impact on Crypto Security: The incident highlights a 900% increase in attacks on centralized exchanges, with many still relying on internal security instead of specialized cybersecurity firms. Pearl noted that recovering stolen funds is challenging, with only about 25% success in bounty programs, underscoring the importance of preventive measures against hacks.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
