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

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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