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April 1, 2022by Laura Shin

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

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

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 

Posted in: 2022, Shows, UnchainedTagged in: Arjun Bhuptani, Axie Infinity, Connext, hack, Ronin, Ronin bridge

Our guest on this episode:
Arjun Bhuptani, founder of Connext

Arjun Bhuptani

Founder of Connext

© Copyright 2022 – 2023 Laura Shin Media LLC. All Rights Reserved.

Website by Zach Swinehart.

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Unchained Podcast

  • Podcast
  • Book
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  • Resources
    • Crypto Glossary
  • About
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    • Sponsors
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    • Confidential Tips