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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Ronin Hack's Delayed Impact
- The Ronin bridge hack, a $600M+ theft, went unnoticed for six days.
- Crypto Twitter's delayed response caused trader Crypto Cobain's AXS short to be liquidated.
Bridge Vulnerability
- Cross-chain bridges are a major vulnerability in crypto due to their complex systems.
- Users should exercise caution with bridges until they're more robust and time-tested.
Multisig Security
- Don't rely solely on multisigs for security, especially for high-value assets.
- Verify the independence of multisig holders.