Unchained The Chopping Block: Why ‘One Man’s Bug Is Another Man’s Bounty’ - Ep.338
Apr 7, 2022
The hosts dive into the shocking $600 million Ronin bridge hack, highlighting the role of social engineering in the breach. They discuss the valuation issues surrounding bridged assets, underscoring the importance of robust security. The complexities of governance in decentralized protocols are also explored, particularly with Convex Finance. The instability of the USDN stablecoin sparks a debate on algorithmic stablecoins and their risks. Lastly, they touch on the merging landscapes of crypto and stock trading, celebrating recent industry milestones.
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Transcript
Episode notes
Multisig Security
- Don't rely solely on multisigs for security, especially for high-value assets.
- Verify the independence of multisig holders.
Futures and Promises
- Understand the concept of futures and promises in distributed systems.
- Wrapped assets are not equivalent to native assets due to inherent bridge risks.
Inverse Finance Exploit
- Inverse Finance suffered a $15.6M exploit due to a one-block TWAP oracle.
- The attacker manipulated prices to borrow more than usual, protected by a private mempool.