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Ryan Sean Adams

πŸ‘€ Speaker
4484 total appearances

Appearances Over Time

Podcast Appearances

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

So even the example I gave of suddenly North Korea stole all of the mortgages.

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

You can't really steal a mortgage.

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

It's just like an IOU.

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

In this case, they're literally stealing all of the assets.

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

They're literally stealing all of the houses.

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

So Odysseus, I know you've thought about this.

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

How would you underscore for people outside of DeFi and crypto how this is different than TradFi?

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

I want to ask another question because we mentioned three parties in particular, and maybe there's more than three involved here.

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

But we mentioned Layer Zero, we mentioned Aave, and we mentioned KelpDAO.

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

And they're the protocol group behind the RSE that was actually minted and actually stolen and taken.

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

So there's been a lot of blame going around.

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

And I'm curious from you guys, like, who's responsible for this?

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

Whose fault is it?

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

So everyone's at fault, but I wonder if we could be more granular because they're at fault in different ways, I would say, right?

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

So I

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

I'm going to simplify this and then you guys, you know, correct me or tell me where I got things wrong.

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

Right.

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

So obviously layer zero, they got infiltrated somehow.

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

So whether this was some kind of a sophisticated nation state social engineering hack to, you know, give North Korea access to their servers, you know, there's obviously an issue there.

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

They also let their customers configure things in a way that was like a one of one DVN kind of validator.