Re:'People were sucked into schemes': Inside Molly White’s c...
by dmitriid on Saturday October 22, 2022 @05:55AM
(#33296866)
> Bitcoin. Ethereum. Etc.
This is tech. Not its applications.
> The smart contracts running on Ethereum are open source, unlike your PHP script, can be audited, and if marked immutable,
Ah, to once again have a child's wonder and belief in magic. Just add th incantation "blockchain ethereum smart contracts", and all is right with the world.
Meanwhile reality [1] just in the past ten days:
--- start quote ---
Insufficient validation on an OHM smart contract at Bond Protocol allowed an attacker to drain 30,437 OHM (~$300,000) from the Olympus DAO defi protocol.
Olympus DAO wrote in an announcement that "This bug was not found by 3 auditors, nor by our internal code review, nor reported via our Immunefi bug bounty."
---
On October 14, Ethereum reached a milestone that alarms many who have pushed for blockchains as "censorship-proof" technology. More than 51% of blocks produced in the preceding 24 hours were processed by relays that filtered out transactions involving Tornado Cash
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The defi project Earning.Farm lost 748 ETH (~$971,000) to a hacker using a flash loan attack. The project contract was missing a check that a flash loan was initiated by the protocol, so the attacker was able to instruct the project to withdraw large amounts of funds
---
Rabby Swap, a feature of the Rabby crypto wallet, was exploited a month after it was first rolled out. An attacker discovered an apparent vulnerability in the Rabby Swap smart contract that enabled them to arbitrarily transfer other users' funds.
This is tech. Not its applications.
> The smart contracts running on Ethereum are open source, unlike your PHP script, can be audited, and if marked immutable,
Ah, to once again have a child's wonder and belief in magic. Just add th incantation "blockchain ethereum smart contracts", and all is right with the world.
Meanwhile reality [1] just in the past ten days:
--- start quote ---
Insufficient validation on an OHM smart contract at Bond Protocol allowed an attacker to drain 30,437 OHM (~$300,000) from the Olympus DAO defi protocol.
Olympus DAO wrote in an announcement that "This bug was not found by 3 auditors, nor by our internal code review, nor reported via our Immunefi bug bounty."
---
On October 14, Ethereum reached a milestone that alarms many who have pushed for blockchains as "censorship-proof" technology. More than 51% of blocks produced in the preceding 24 hours were processed by relays that filtered out transactions involving Tornado Cash
---
The defi project Earning.Farm lost 748 ETH (~$971,000) to a hacker using a flash loan attack. The project contract was missing a check that a flash loan was initiated by the protocol, so the attacker was able to instruct the project to withdraw large amounts of funds
---
Rabby Swap, a feature of the Rabby crypto wallet, was exploited a month after it was first rolled out. An attacker discovered an apparent vulnerability in the Rabby Swap smart contract that enabled them to arbitrarily transfer other users' funds.
--- end quote ---
[1] https://web3isgoinggreat.com/