Episode 205: Detecting and Mitigating Hacks in Real Time with Cyvers

From No Crypto to Know Crypto

Summary

In this episode, Blockchain Wayne interviews Michael Pearl from Cyvers, a web 3 cybersecurity company. They discuss the importance of security in the crypto industry and the vulnerabilities that exist in smart contracts and wallets. Michael shares some recent hacks that Cyvers has detected, including the WazirX hack and the Li-Fi hack. They also emphasize the need for individuals to revoke permissions on their wallets and stay vigilant about security. The episode concludes with a reminder that a secure Web3 space is essential for the industry to scale and reach the masses.

Learn more about Cyvers and join their telegram group: https://cyvers.ai/

Learn more about FIO and get your Handle today: https://fio.net/

Takeaways

• Cyvers is a web 3 cybersecurity company that provides real-time security monitoring for wallets, exchanges, and DeFi projects.
• Auditing smart contracts is important but not enough to ensure security. Real-time monitoring and proactive measures are necessary.
• Recent hacks include the WazirX hack and the Li-Fi hack, highlighting the ongoing vulnerabilities in the crypto industry.
• Individuals should revoke permissions on their wallets and stay updated on security practices to protect their funds.
• A secure Web3 space is crucial for the industry to scale and gain mass adoption.

Chapters

00:00 Introduction and Background

01:23 The Birth of Cyvers

02:49 The Importance of Real-Time Security Monitoring

04:14 Recent Hacks Detected by Cyvers

07:42 Individual Security Measures

11:41 Address Poisoning and Other Vulnerabilities

14:53 Lessons from Hacks on Exchanges

18:54 The Ongoing WazirX Investigation

19:52 Revoking Permissions and Individual Responsibility

22:30 Where to Find More Information

23:57 Final Thoughts and Conclusion