Missing line in a smart contract leads to $10M hack
1–10 of 333 posts
Re: Missing line in a smart contract leads to $10M hack
#2I wonder when people will realize that the complexity inherent in human financial transactions will not go away just because you write code instead of natural language and 'decentralized finance' will reinvent everything it tried to get rid off (but shoddily) because nobody likes to lose their live savings because they missed a semicolon.
Re: Missing line in a smart contract leads to $10M hack
#3I wonder when people will realize that the complexity inherent in human financial transactions will not go away just because you write code instead of natural language and 'decentralized finance' will reinvent everything it tried to get rid off (but shoddily) because nobody likes to lose their live savings because they missed a semicolon.
There are plenty of Defi protocols that have not been hacked with many billions locked in them. Among them are Uniswap, Compound, Aave, and Synthetix. And in the traditional finance world plenty of mistakes have been made, like when Knight Capital accidentally ran their unit test algos in production and lost $500mil https://en.m.wikipedia.org/wiki/Knight_Capital_Group
Re: Missing line in a smart contract leads to $10M hack
#4I wonder when people will realize that the complexity inherent in human financial transactions will not go away just because you write code instead of natural language and 'decentralized finance' will reinvent everything it tried to get rid off (but shoddily) because nobody likes to lose their live savings because they missed a semicolon.
I think you have point. And, a key advantage I can imagine is that "checklists" could be implemented into code over time and that is potentially superior to natural language. I am not a crypto expert though.
Re: Missing line in a smart contract leads to $10M hack
#5Why do ransomware when you can just find exploit and get away without having tainted crypto and also make much more $ too. Defi is such a big gift to hackers. Probably $100 million stolen total in past 2 year. These protocols and contracts are so complicated that such hacks are inevitable and more to come.
Re: Missing line in a smart contract leads to $10M hack
#6I wonder when people will realize that the complexity inherent in human financial transactions will not go away just because you write code instead of natural language and 'decentralized finance' will reinvent everything it tried to get rid off (but shoddily) because nobody likes to lose their live savings because they missed a semicolon.
It's an autistic thing, especially visible on HN.
You get the same argument for eliminating airline pilots, yet when an engine explodes, I want pilots to deal with the emergency.
Re: Missing line in a smart contract leads to $10M hack
#7Bank error in your favor, collect ~~$200~~ $10M.
Re: Missing line in a smart contract leads to $10M hack
#8I wonder when people will realize that the complexity inherent in human financial transactions will not go away just because you write code instead of natural language and 'decentralized finance' will reinvent everything it tried to get rid off (but shoddily) because nobody likes to lose their live savings because they missed a semicolon.
There are plenty of Defi protocols that have not been hacked with many billions locked in them. Among them are Uniswap, Compound, Aave, and Synthetix. And in the traditional finance world plenty of mistakes have been made, like when Knight Capital accidentally ran their unit test algos in production and lost $500mil https://en.m.wikipedia.org/wiki/Knight_Capital_Group
those are somewhat different. these are intermediaries when doing a hack. the hackers target smaller defi protocols with flash loans for example
Re: Missing line in a smart contract leads to $10M hack
#9This also shows how little security probing is performed on cryptocurrencies and smart contracts. It took over a month and a huge bounty to find the bug in this contract. The likelihood of finding bugs in other currencies and contracts is extremely high despite millions of dollars of value relying on it.
Most cryptocurrencies and smart contracts are copy and paste with little analysis of the underlying code. To the creators the incentive is to create something fast and without expending any extra effort. The losers are always the users who put their trust in the creators. An ideal open source decentralised system should allow the users to verify the claims of the creators but the reality is that the code and the systems around it are far too complex for any single person to be able to verify quickly.
Does anyone know of any organisations that can vet smart contracts and provide insurance in case they get hacked or fail in other ways?
Re: Missing line in a smart contract leads to $10M hack
#10When so much $ at stake and no wya to get it back, it makes it necessasry to have perfect code