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Dan Elitzer

๐Ÿ‘ค Speaker
264 total appearances

Appearances Over Time

Podcast Appearances

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

And so there's a lot of vulnerable shit throughout the stack, sorry, that is just out there and live right now.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

And so we have to, like, there is a race right now between the white hats and black hats in terms of who can secure existing systems faster.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Once we get into 2027 and beyond, all systems that are deployed going forward are going to be like rigorously superhuman tested and secured both upfront and an ongoing basis by best in class kind of super intelligent security models.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

So this period until we get to that point, we've kind of cleaned up all that backlog is the period of max danger.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

What do we do?

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

We go kind of like old school on this.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

It is the rate limits.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

It is the circuit breakers.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

It is just defense in depth on everything.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Think about every layer of your stack from smart contracts to front ends, DNS records, individual employee and workspace accounts, your physical hardware using isolated hardware for like security critical actions.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Do like...

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

multiple channel confirmations with the other people that you need to coordinate with to take these secure actions, like all of the things, do them.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Now is the time where you need to step up and make it happen.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

This goes for every organization, in crypto especially, but anybody who is building anything in the digital world, which is like everybody.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Yeah, I mean, to be honest, I think some of the insights with layer zero is like it's not the wrong approach to have kind of a limited, modular, permissionless infrastructure.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

We just need to raise the standards for how that infrastructure is then deployed and maintained.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

And so to the point about like Morpho, I think these isolated models

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

which Aave v4 also moves in that direction as well.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

I think we need to break it up so you can like limit the collateral damage around any type of exploits that happen, but we need to do a better job setting the defaults really high in terms of security that we do around each of these modules, right?

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

I was talking with the Morpho team and others and been like, okay, how are we continuing to level up security?