SushiSwap

Crypto derivatives exchange Bybit just became the latest victim of North Korea’s elite hacking unit, the Lazarus Group. They didn’t brute-force their way in. They didn’t exploit some obscure vulnerability. Instead, they tricked a trusted developer, slipped in malicious code, and took off with a fortune. How did this happen? Why was $1.5 billion sitting in a single wallet? What mistakes did Bybit and Safe make? And, more importantly, what needs to change to stop this from happening again? This week, Mudit Gupta, chief information security officer at Polygon, joins Unchained to expose the security failures, the sophisticated tactics Lazarus used, and why crypto still hasn’t learned its lesson. Show highlights: 2:11 Mudit’s experience with North Korea’s Lazarus 3:24 How Lazarus perpetrated the $1.5 billion hack 5:55 Why Lazarus relies on social engineering over technical exploits 7:34 Why Bybit was so specifically targeted by the hackers 10:02 What Bybit should have done to prevent the exploit 13:12 Why Mudit believes there was “no reason” to hold so much ETH in one single wallet 15:57 Who should be a signer in multisigs 17:46 How to prevent using a malicious website 19:13 Why Safe should have done things differently, according to Mudit 19:55 How Bybit and Safe handled crisis communication 24:20 Mudit’s must-know security tips for protecting your crypto Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle Guest Mudit Gupta, Chief Information Security Officer at Polygon Links Recent coverage of Unchained on the Bybit hack: North Korean Hackers Are Winning. Is the Crypto Industry Ready to Stop Them? The Chopping Block: Crypto’s Worst Week? Bybit Hack, Libra Scandal, & The Memecoin Reckoning Bits + Bips: Markets Are Down Bad. When Will Crypto Recover? Unchained: Bybit Flows Return to ‘Normal’ After Biggest-Ever Crypto Hack Bybit Hack Forensics Report  "Safe{Wallet} Statement on Targeted Attack on Bybit " Learn more about your ad choices. Visit megaphone.fm/adchoices

Mudit Gupta

Chief Information Security Officer

PolygonSushiSwap

Poly Network, a cross-chain DeFi protocol, recently suffered a $600M hack -- the largest DeFi exploit in crypto history. Mudit Gupta, security researcher and SushiSwap dev, breaks down the attack, explaining how it occurred, why the hacker is returning the funds, and what Poly Network should do next. Show highlights: how Poly Network works what specific mechanism the hacker attacked on Poly Network why many people (including myself) had never heard of Poly Network before the hack how “keepers” failed to protect Poly Network why a failed transaction was the key to pulling off the hack what SlowMist claims to have discovered about the hacker what could be motivating the hacker to return the stolen funds how the hacker is communicating with Poly Network why Tether was able to freeze funds while USDC and BSC allowed the hacker to get away with their tokens how Poly Network should handle negotiations with the hacker   Thank you to our sponsors! Sorare: https://sorare.com   Polymarket: https://polymarket.co/unconfirmed Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021    Episode Links   Mudit Gupta Twitter: https://twitter.com/Mudit__Gupta Blog: https://mudit.blog/ SushiSwap: https://twitter.com/SushiSwap    Poly Network hack Poly Network response: https://twitter.com/PolyNetwork2/status/1425870262067548163  Mudit’s analysis: https://mudit.blog/poly-network-largest-crypto-hack/  Kelvin Fichter thread: https://twitter.com/kelvinfichter/status/1425217046636371969 Hacker Q&A: https://twitter.com/tomrobin/status/1425487745166753794 Tether blacklist: https://twitter.com/paoloardoino/status/1425090760609832978 ETH tip: https://twitter.com/HsakaTrades/status/1425093301691195407 The Block’s coverage: https://www.theblockcrypto.com/post/114189/poly-hack-attacker-return-funds-id-slowmist  ​​Returning funds: https://www.coindesk.com/poly-network-hacker-starts-to-return-funds Learn more about your ad choices. Visit megaphone.fm/adchoices

Mudit Gupta

Chief Information Security Officer

PolygonSushiSwap

Aaron Wright, co-founder of OpenLaw and Professor at Cardozo Law, and Ross Campbell, SushiSwap core developer and LexDAO contributor, discuss the latest breakthroughs and legal implications in the burgeoning world of DAOs. Show highlights: how Aaron and Ross fell down the crypto rabbit hole whether a DAO, like Curve, could sue to protect its IP when a governance token might be considered a security who owns the copyright to a DAO how SushiSwap handles its open-source licenses why Ross views Uniswap’s business license as a good thing what an DAO is and how the idea stems from Bitcoin how Wyoming’s DAO law works what makes a Wyoming DAO different from a DAO registered as a Delaware LLC how an algorithmically managed DAO might work in the future why Aaron thinks a DAO should not be allowed to be manager-managed why wrapping a DAO into an LLC could be advantageous the difference between private and public ordering Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2 Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero Conjure: https://conjure.finance    Episode Links   People Ross Campbell Social Twitter: https://twitter.com/r_ross_campbell Medium: https://medium.com/@rosscampbell9  Career OpenLaw: https://www.openlaw.io/ LexDAO: https://lexdao.substack.com/people/867851-ross-campbell SushiSwap: https://app.sushi.com/swap    Aaron Wright Social Twitter: https://twitter.com/awrigh01 Career OpenLaw: https://www.openlaw.io/ Cardozo Law: https://cardozo.yu.edu/directory/aaron-wright Content The Rise of DAOs: https://stanford-jblp.pubpub.org/pub/rise-of-daos/release/1   DAO Information Basics: https://ethereum.org/en/dao/  https://1729.com/daos  Kain Warwick: DAO First Capital Formation https://blog.synthetix.io/dao-first-capital-formation/  https://twitter.com/kaiynne/status/1287961077041393664 DAO Stats https://deepdao.io/  Wyoming: https://www.wyoleg.gov/2021/Engross/SF0038.pdf https://lexnode.substack.com/p/wyomings-legal-dao-saster https://twitter.com/prestonjbyrne/status/1370002015644962816?s=20 https://www.coindesk.com/wyoming-dao-llc-law-passed  https://twitter.com/lex_node/status/1407668599205027843?s=20 https://decrypt.co/75222/americas-first-dao-approved-in-wyoming  Delaware: https://ricardian.gitbook.io/ricardian-llc/is-ricardian-legal  Curve IP:  https://gov.curve.fi/t/cip-xx-enforce-curves-ip-rights/1890 https://www.theblockcrypto.com/post/108561/the-first-dao-lawsuit-proposal-asks-if-curve-should-protect-its-ip https://www.coindesk.com/curve-dao-contemplates-its-intellectual-property  https://twitter.com/SamMiorelli/status/1405141398479847426 https://twitter.com/lex_node/status/1405251782574497799  Uniswap V3 https://www.coindesk.com/uniswap-v3-introduces-new-license-to-spoil-future-sushis  https://twitter.com/jchervinsky/status/1374738548239314951 https://defiprime.com/uniswap-v3-explained Learn more about your ad choices. Visit megaphone.fm/adchoices

Aaron Wright

Co-Founder

OpenLaw

Ross Campbell

Core Developer and Contributor

SushiSwap

In this week's episode we interview 0xMaki, an anonymous DeFi developer contributing to SushiSwap and Yearn Finance protocols. We talk about growing Sushi beyond its drama-filled beginnings as a fork of Uniswap, into a DEX that can hold its own as the second-most active trading platform in Ethereum DeFi. He goes into the main pieces that set SushiSwap apart with its margin trading and a soon-to-be-released smart contract suite to easily launch tokens. He says, it’s short-sighted for DEX competitors to be fighting among each other, as they should be fighting outwards, to bring more people into DeFi, and not inwards trying to win over the people who are already here. Big thanks to our sponsors: Zerion, a simple interface to access and use decentralized finance Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools at https://balancer.finance/! Enzyme provides an easy way to build, scale and monetize DeFi investment strategies Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi

0xMaki

Core Contributor

SushiSwap

🚀 SUBSCRIBE TO NEWSLETTER: http://bankless.substack.com/ ✊ STARTING GUIDE BANKLESS: https://bit.ly/37Q17uI 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 👕 BUY BANKLESS TEE: https://merch.banklesshq.com/ ----- 💪BECOME A BANKLESS PREMIUM MEMBER: http://bankless.cc/membership ----- GO BANKLESS WITH THESE SPONSOR TOOLS: ⭐️ AAVE - BORROW OR LEND YOUR ASSETS https://bankless.cc/aave 🚀 GEMINI - MOST TRUSTED EXCHANGE AND ONRAMP https://bankless.cc/go-gemini 💳 MONOLITH - GET THE HOLY GRAIL OF BANKLESS VISA CARDS https://bankless.cc/monolith 📱 DHARMA | MOBILE ONRAMP DIRECTLY INTO DEFI https://bankless.cc/dharma ------ SotN31: The Rise of SushiSwap, with 0x Maki (Sushi vs Uniswap, Differentiation, Future of Sushi) We bring 0xMaki, a core contributor to the SushiSwap DEX, to the Bankless State of the Nation, to get into the story behind Sushi's rise out of the depths of the 3 month DeFi bear market! Topics Covered: - The Sushi Story Thus Far - SushiSwap Differentiation - Integrations and Partnerships - The Future of SushiSwap - The Future of DeFi We begin with a history of the SushiSwap project and its migration from Uniswap. Maki takes us through the structures of the Sushi Ecosystem and discusses the role of Chef Nomi on the trajectory of the exchange in its turbulent beginnings. Maki argues for a flexible, bottom-up, and community-based approach, with an emphasis on integration with other protocols like Yearn Finance, Polkadot, and Cream. We discuss Sushi’s remarkable comeback from its early struggles in 2020, and how its current volume of over $100mm daily is a result of the efforts of its diehard community. Maki differentiates the SushiSwap Protocol from that of its sibling Uniswap, as well as the asset $SUSHI from the asset $UNI. Maki contends that Sushi’s fast-moving UI development and integration with external partners set SushiSwap apart from other DEXes. Maki is optimistic about the adoption of Layer 2 Scaling Solutions throughout DeFi in 2021 and lays out some of SushiSwap’s ambitious plans for the future, including optimizing gas fees and user experience. Lastly, Maki discusses the future of DeFi, arguing for compatibility and coexistence among decentralized protocols. ------ Relevant Links: BentoBox https://boringcrypto.medium.com/bentobox-to-launch-and-beyond-d2d5dc2350bd SushiSwap Exchange https://sushiswap.fi/ SushiSwap’s Roadmap for 2021 https://sushiswapchef.medium.com/2021-3e1f45cf86a2 SushiSwap Forum https://forum.sushiswapclassic.org/ ------ Don't stop at the video! Subscribe to the Bankless newsletter program http://bankless.substack.com/ Visit the official Bankless website http://banklesshq.com/ Follow Bankless on Twitter https://twitter.com/BanklessHQ Follow Ryan on Twitter https://twitter.com/ryansadams Follow David on Twitter https://twitter.com/TrustlessState ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case.

0xMaki

Core Contributor

SushiSwap