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

Unchained

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 different attack vectors for cross-chain bridges
• what Arjun thinks about different bridge designs

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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

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