Bridge Hacks Have Caused ~$1 Billion in Losses. Here’s Why Bridge Security Is Tricky - Ep.336

2022-04-01

Download

Arjun Bhuptani, founder of Connext and bridging expert, breaks down the Ronin bridge exploit that led to a hacker stealing $600 million+ and discusses different bridge designs that could limit future attacks. Show highlights: how a hacker was able to drain more than $600 million from Ronin bridge the difference between DeFi hacks and the Ronin bridge exploit, which was a social-engineering based attack why multisig bridges are susceptible to social engineering attacks why Arjun believes the Ronin hacker is a sophisticated entity whether Sky Mavis will be able to reimburse users the...

how a hacker was able to drain more than $600 million from Ronin bridge
the difference between DeFi hacks and the Ronin bridge exploit, which was a social-engineering based attack
why multisig bridges are susceptible to social engineering attacks
why Arjun believes the Ronin hacker is a sophisticated entity
whether Sky Mavis will be able to reimburse users
the different attack vectors for cross-chain bridges
what Arjun thinks about different bridge designs

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Coinchange: https://coinchange.io

OnJuno: https://onjuno.com/

Episode Links

Arjun Bhuptani

Twitter: https://twitter.com/arjunbhuptani

Ronin Hack

Latest update from Ronin
- https://twitter.com/Ronin_Network/status/1509284549020188672
- https://twitter.com/Psycheout86/status/1509134627319033863
Community alert explaining the hack:
- https://roninblockchain.substack.com/p/community-alert-ronin-validators?s=w
Etherscan of the hack taking place
- https://etherscan.io/address/0x098b716b8aaf21512996dc57eb0615e2383e2f96
Reactions
- Mudit Gupta – the hacker is sophisticated
- - https://twitter.com/Mudit__Gupta/status/1508868214075310091
- Arjun Bhuptani – why multisig bridges are vulnerable
- - https://twitter.com/arjunbhuptani/status/1508861771595059205
  - https://twitter.com/arjunbhuptani/status/1508861771595059205
- Ed Zitron – social engineering
- - https://ez.substack.com/p/the-infinite-exploitation-of-cryptocurrency
Information on Ronin
- https://twitter.com/joel_john95/status/1486809221962289154
Why bridging is hard
- https://blog.connext.network/the-interoperability-trilemma-657c2cf69f17
Arjun’s latest article on Optimistic bridges
- https://twitter.com/arjunbhuptani/status/1509582024104939523?t=4HCssiWfO5v65ehXRnWL3A&s=19