Unchained

DeFi Security: With So Many Hacks, Will It Ever Be Safe? - Ep.170

May 5, 2020
Guest
Taylor Monahan
Guest
Dan Guido
Dan Guido, co-founder and CEO of Trail of Bits, is a leading expert in blockchain security, while Taylor Monahan, founder and CEO of MyCrypto, focuses on user-friendly crypto wallet solutions. They dive deep into recent DeFi hacks, discussing who bears responsibility for security—developers or auditors. The conversation touches on the complexities of security audits, the balance between centralization and decentralization, and the critical need for bug bounties. They emphasize the evolving risks of DeFi, particularly related to oracles and advanced token standards.
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ADVICE

Early Security Engagement

  • Engage security professionals early, regardless of project stage, to identify and fix vulnerabilities.
  • Be transparent with users about the security process and avoid downplaying issues.
INSIGHT

Audits Reflect Team Culture

  • Taylor Monahan emphasizes that audits reveal more about a team's approach to security than the code itself.
  • A rushed audit indicates a lack of seriousness, highlighting the importance of addressing the root causes of vulnerabilities.
ADVICE

Early Threat Modeling

  • Do not wait until the last minute to engage security professionals.
  • Early engagement helps establish guardrails and avoid fundamental design flaws that require re-architecture later.
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