Bridge Hacks Have Caused ~$1 Billion in Losses. Here’s Why Bridge Security Is Tricky - Ep.336

Unchained

Laura Shin

Business News, News, Tech News

4.6 • 1.3K Ratings

🗓️ 1 April 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Arjun Bhuptani, founder of Connext and bridging expert, breaks down the Ronin bridge exploit that led to a hacker stealing $600 million+ and discusses different bridge designs that could limit future attacks. Show highlights: how a hacker was able to drain more than $600 million from Ronin bridge the difference between DeFi hacks and the Ronin bridge exploit, which was a social-engineering based attack why multisig bridges are susceptible to social engineering attacks why Arjun believes the Ronin hacker is a sophisticated entity whether Sky Mavis will be able to reimburse users the different attack vectors for cross-chain bridges what Arjun thinks about different bridge designs Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Coinchange: https://coinchange.io OnJuno: https://onjuno.com/ Episode Links Arjun Bhuptani Twitter: https://twitter.com/arjunbhuptani Ronin Hack Latest update from Ronin https://twitter.com/Ronin_Network/status/1509284549020188672 https://twitter.com/Psycheout86/status/1509134627319033863 Community alert explaining the hack: https://roninblockchain.substack.com/p/community-alert-ronin-validators?s=w Etherscan of the hack taking place https://etherscan.io/address/0x098b716b8aaf21512996dc57eb0615e2383e2f96 Reactions Mudit Gupta – the hacker is sophisticated https://twitter.com/Mudit__Gupta/status/1508868214075310091 Arjun Bhuptani – why multisig bridges are vulnerable https://twitter.com/arjunbhuptani/status/1508861771595059205 https://twitter.com/arjunbhuptani/status/1508861771595059205 Ed Zitron – social engineering https://ez.substack.com/p/the-infinite-exploitation-of-cryptocurrency Information on Ronin https://twitter.com/joel_john95/status/1486809221962289154 Why bridging is hard https://blog.connext.network/the-interoperability-trilemma-657c2cf69f17 Arjun’s latest article on Optimistic bridges https://twitter.com/arjunbhuptani/status/1509582024104939523?t=4HCssiWfO5v65ehXRnWL3A&s=19 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi everyone, welcome to Unchained, your no-hype resource for all things crypto.
0:08.3	I'm your host, Laura Shin, author of The Cryptopians.
0:12.3	I started covering crypto six years ago and as a senior editor at Forbes was the first
0:17.0	mainstream media reporter to cover cryptocurrency full-time.
0:20.4	This is the April 1st, 2022 episode of Unchained.
0:25.1	Point change is the easiest way to earn passive income using crypto.
0:29.1	You can safely deposit cash or cryptocurrencies to earn up to 20% annual yield.
0:34.7	There is no lending or market risk, just simple, high return yield farming.
0:39.8	Create an account today at trydfi.cc-unc and receive 40 USDC, that's trydfi.cc-unc.
0:53.2	If you're frustrated that your bank account is in crypto friendly, it's time to make
0:56.7	a change.
0:58.0	Unchained is a powerful new checking account that lets you buy, spend, and earn in crypto.
1:04.0	It's free to open an account and even comes with a metal card.
1:07.7	Download the Unchained app today.
1:11.0	With the Crypto.com app, you can buy, earn, and spend crypto in one place.
1:16.0	Download and get $25 with the code Laura.
1:18.8	Link in the description.
1:20.8	Today's guest is Arjun Booptani, founder of Connects Network.
1:24.9	Welcome Arjun.
1:25.9	Thanks Laura, thanks for having me.
1:28.9	This week we saw the largest hack in DeFi history, a $625 million hack, which was 176,300
1:38.0	ether, and 25.5 million USDC, and this involved the Ronin network.
	...

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