The Chopping Block: Why ‘One Man’s Bug Is Another Man’s Bounty’ - Ep.338

Unchained

Laura Shin

Tech News, Business News, News

4.6 • 1.3K Ratings

🗓️ 7 April 2022

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news in the digital asset industry. Show topics: how social engineering was used in the $600 million+ Ronin bridge hack what bridge infrastructure needs to be built (note: if someone wants to build a cross-chain Etherscan, it sounds like Tarun would fund it) why the Inverse Finance hack impressed Tom how Open Zeppelin found and patched a $15 billion vulnerability for Convex Finance why transitioning to token governance might be an issue for Convex what made USDN de-peg why Tarun think algorithmic stablecoin creators are a little crazy the elegance of the Bitcoin whitepaper what their biggest takeaways from Elon Musk’s purchase of Twitter are why Tarun thinks FTX investing in IEX is actually a huge deal Hosts Haseeb Qureshi, managing partner at Dragonfly Capital https://twitter.com/hosseeb Tom Schmidt, general partner at Dragonfly Capital https://twitter.com/tomhschmidt Tarun Chitra, managing partner at Robot Ventures https://twitter.com/tarunchitra Robert Leshner, founder of Compound https://twitter.com/rleshner Topics Covered Ronin hack https://www.bloomberg.com/news/articles/2022-03-29/hackers-steal-590-million-from-ronin-in-latest-bridge-attack https://decrypt.co/96811/nearly-7m-hacked-ronin-funds-sent-privacy-mixer-tornado-cash https://roninblockchain.substack.com/p/community-alert-ronin-validators?s=w More hacks: Inverse Finance, Convex Rugpull disclosure https://www.coindesk.com/tech/2022/04/02/defi-lender-inverse-finance-exploited-for-156-million/ https://twitter.com/bertcmiller/status/1510284763332071427 https://blog.openzeppelin.com/15-billion-rugpull-vulnerability-in-convex-finance-protocol-uncovered-and-resolved/ USDN Peg broken, drama ensues https://www.theblockcrypto.com/post/140475/drama-erupts-around-the-waves-blockchain-project-and-trading-firm-alameda https://www.coingecko.com/en/coins/neutrino-usd Why is Elon taking a stake in Twitter? https://decrypt.co/96809/dogecoin-cheerleader-elon-musk-takes-9-2-stake-in-twitter https://www.wsj.com/articles/twitter-to-name-elon-musk-to-its-board-of-directors-11649162614?mod=article_inline FTX purchasing a stake in IEX https://www.prnewswire.com/news-releases/ftx-us-and-iex-join-forces-to-help-shape-market-structure-for-digital-assets-301517550.html Lightning Labs' $70 million raise https://www.theblockcrypto.com/post/140560/lightning-labs-taro-protocol-stablecoins-fundraise Gauntlet raises $23.8M led by Ribbit, now a Unicorn - congrats Tarun! https://cointelegraph.com/news/crypto-quant-firm-gauntlet-valued-at-1b-following-series-b Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Hey everybody, welcome to the chopping block. Every couple of weeks, the four of us get
0:06.2	together and give the industry insider's perspective on the crypto topics of the day.
0:11.0	So quick intros, first we got Tom, the DeFi Maven and Master of Memes. Next up, we've got
0:15.5	Robert, crypto connoisseur and captain of compound. Third, we've got Tarun, the Gigabrain
0:20.6	and Grand Poo-Bot gauntlet. He is going to be showing up in a second. And then myself,
0:25.3	I perceive I'm head height man at Dragonfly. So the four of us are early stage investors
0:29.3	in crypto, but I want to caveat that nothing we say here is investment advice or legal
0:32.9	advice or even life advice. So it's been a little bit of a slow week in crypto land or
0:39.7	slow couple of weeks, I would say. It seems like most of the news this week has been around
0:44.3	hacks and things breaking, which is...
0:46.8	Yeah, only the biggest hack of all time. Other than that, it's been pretty chill.
0:50.3	That's true. That's true. It's funny how just the passage of a few days makes things seem
0:55.8	really whatever. Yeah, it's like years ago in crypto speed.
1:00.2	Exactly, exactly. I no longer even feel it. The night that I saw that the Ronin hack took
1:06.2	place, I was just like, oh my god, this is the worst nightmare for anybody in the crypto
1:12.3	industry. And then two days later, I was like, oh, never mind, no one cares.
1:15.2	Well, it's because you didn't have any of your own funds in the Ronin Bridge.
1:19.2	That is true. That is true. Very much my choice. I did not get my funds in the Ronin Bridge.
1:25.3	Well, so, okay, let's maybe just go through the news for those who are not aware. What was
1:29.4	this? This is March 29th. This is a little bit over a week ago, as of the time we're recording
1:33.4	this, that the Ronin Bridge was hacked for a little bit over $600 million worth of
1:40.4	ether and stablecoins. So the TLDR on how this thing got hacked is that basically...
	...

Please login to see the full transcript.

Previous episode | Next episode

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

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