Inside the Biggest Heist

web3 with a16z crypto

Andreessen Horowitz

Gaming, Blockchain, Web 3, Blockchains, Open Source, Business, Decentralization, Visual Arts, Computer Science, Ownership, Art, Entrepreneurship, Entertainment, Cypherpunk, Web 3.0, Music, Internet, Cryptography, Crypto, Computing, Web3, Innovation, Distributed Computing, Culture, Public Goods, Creator Economy, Arts, Technology

4.4 • 66 Ratings

🗓️ 8 March 2025

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Crypto exchange ByBit got hacked for $1.5 billion — making it potentially the biggest heist of all time. a16z crypto security expert Matt Gleason joins host Robert Hackett to discuss how the attack went down, the state of crypto security, and what you can do to help protect yourself from similar attacks.

Transcript

Click on a timestamp to play from that location

0:00.0	Our hardware wallets by and large, safer, probably.
0:03.2	But like, safer than what?
0:05.0	Are they safe enough to be storing, say, $1.5 billion?
0:08.7	Like, apparently maybe not.
0:15.7	Welcome to Web 3 with A16 .
0:17.6	I'm Robert Hackett.
0:18.9	Today we're talking about what is potentially the biggest heist of all time,
0:22.9	a hack of the Dubai-based crypto exchange by bit, which took place last month for a total of
0:27.7	$1.5 billion, and which the Federal Bureau of Investigation has attributed to a North Korean
0:33.8	state-sponsored hacking group. In this episode, we cover the details of how the attack went down, the state of crypto security
0:40.6	across different types of wallets and organizations, and what you can do to help protect
0:45.1	yourself from similar attacks.
0:47.5	We're joined by Matt Gleason, a security expert at A16Crypto, whose excellent write-up of
0:52.8	the incident you can find in this episode's
0:54.8	show notes. We've also included an FBI PSA about the hack and other useful links as well.
1:00.0	As a reminder, none of the content should be taken as investment, business, legal, or tax advice.
1:05.8	Please see A16Z.com slash disclosures for more important information, including a link to a list of our investments.
1:19.2	So by bit, a big crypto exchange was hacked, and it's the biggest crypto hack of all time,
1:26.6	potentially the biggest heist of all time.
1:28.7	Biggest heist.
1:29.5	Okay.
1:29.9	So this includes all known bank robberies.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Andreessen Horowitz, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Andreessen Horowitz and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.