“WazirX Hack serves as a wakeup call for exchanges”: CIFDAQ COO Jay Hao

Former CEO of OKX, Jay Hao, will be joining CIFDAQ, an AI-powered blockchain ecosystem company, as the global Chief Operation Officer (COO) on Thursday. Before taking helm of the affairs, he had a free wheeling discussion with The Crypto Times reporter Gopal Solanky and shared some exclusive insights regarding the recent WazirX hack of Rs 2000 crore and what the web 3.0 industry can learn from the experience.

We have published excerpts from the interview in this article.

1) Many congratulations to you, Mr. Hao, for the new role and responsibilities at CIFDAQ . As the newly appointed Global COO, what will be your agenda with CIFDAQ in the web3 space?

2) You have also served as the former CEO of OKX. Tell us why security remains a key component in Web3, DeFi, and the crypto industry?

3) Speaking of security in the crypto space, I am sure you are familiar with the recent WazirX Hack where an exploiter drained over $239 million funds from a multi-signature cold wallet of the WazirX exchange. What is the learning for the crypto community from this hack?

4) What do you think the WazirX exchange could have done better?

4) How do you see the future of the crypto space, in the time frame of, let’s say, the next 10 years?