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Re:In second largest DeFi hack, Blockchain Bridge loses $320... by swalsh on Thursday February 03, 2022 @09:02AM (#30192470)
The value of WETH going to zero could cause a near system wide collapse. It is being used as collateral for a staggering number of loans. Bridges in the colloquial way of saying it, are too big to fail.

I wonder if network insiders had been prepared for the eventuality of something like this happening, and were just executing a playbook.

Re:In second largest DeFi hack, Blockchain Bridge loses $320... by thebean11 on Thursday February 03, 2022 @10:32AM (#30193681)
WETH (on Ethereum itself) is totally different. It's a pretty simple contract, doesn't require code on other blockchains or offchain code, and there are no Ethereum accounts with "special permissions" so the attack surface is much much smaller.

Contract code if anybody is curious. It's less than 100 lines of Solidity, easy to read even if unfamiliar with the language: https://etherscan.io/address/0xc02aaa39b223fe8d0a0e5c4f27ead...

Re:In second largest DeFi hack, Blockchain Bridge loses $320... by swalsh on Thursday February 03, 2022 @10:49AM (#30193923)
Sure, thought that was implied. WETH on Solona is not the same thing obviously.
Re:In second largest DeFi hack, Blockchain Bridge loses $320... by BeFlatXIII on Thursday February 03, 2022 @10:17AM (#30193489)
How much impact would a total cryptocurrency collapse have on the outside economy?
Re:In second largest DeFi hack, Blockchain Bridge loses $320... by swalsh on Thursday February 03, 2022 @10:50AM (#30193942)
Crypto (and more so Solona) has an extreme trade deficit, it's importing way more capital then it's currently exporting (the primary export today is blockspace, I think as DAO's start running SASS services, that will increase the exports). The impact today would be nearly zero. As the deficit evens out, that might change. The local crypto economy is pretty young (it's virtually brand new). As it expands these capital flows will probably change.
Re:In second largest DeFi hack, Blockchain Bridge loses $320... by X6S1x6Okd1st on Thursday February 03, 2022 @11:09AM (#30194198)
I haven't read anything concrete that shows a clear contagion risk, but https://twitter.com/angela_walch is one of the people in the space to follow that is talking about it
Re:In second largest DeFi hack, Blockchain Bridge loses $320... by fuzzer37 on Thursday February 03, 2022 @10:41AM (#30193822)
Nearly zero.
Re:In second largest DeFi hack, Blockchain Bridge loses $320... by zepto on Thursday February 03, 2022 @10:31AM (#30193656)
Probably a nice uptick
Re:In second largest DeFi hack, Blockchain Bridge loses $320... by faeyanpiraat on Thursday February 03, 2022 @10:42AM (#30193827)
Or millions of working people would suddenly be able to afford a gaming GPU and would disappear into imaginary worlds for a couple of weeks.