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Odysseus

๐Ÿ‘ค Speaker
162 total appearances

Appearances Over Time

Podcast Appearances

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

And also they basically cleared up all the evidence in logs such that the alerting systems of Layer 0 would not go off, right?

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

So it's a very sophisticated attack because of the level of access they had.

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

It's actually very scary.

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

I think as the space, we have focused a lot on the smart contract level security, which has a lot, you know, developed.

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

And I would say we're in a very, we're in a good spot in terms of sophistication.

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

As you know, the previous bridge attacks were smart contract level vulnerabilities.

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

But now with this attack, with Drift before, we're actually seeing the social layer being the actual attack vector where they manage to get access to people, their computers, and probably to the systems, right?

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

So it's the human link that is actually now the weakest.

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

Well, in crypto, you know, a transaction, a hack is a physics event.

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

I think it goes back to whether you can club out or not, whether you can undo history, right?

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

The main difference is that in TradFi, you can have all these issues, but at the end of the day, you do a couple of meetings.

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

It's expensive.

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

But because of this long settlement, you can sort of circle back and fix it, right?

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

Here, you can't.

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

The ledger is the truth and the ledger is immutable by design.

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

So this amazing thing that brings the capital efficiency, which is why TradFi is adopting crypto is because it's more capital efficient, is also the same thing that creates these problems right now in so much pain, right?

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

It's like a double-edged sword.

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

I would totally agree with how you positioned this.

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

Of course, layer zero got infiltrated.

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

It's problematic that we're suggesting default configs that were not secure enough.