Episode 47 of the Public Key podcast is here! In this episode, we talk with David Schwed (Chief Operating Officer of Halborn), where he explains smart contract security audits, crypto project vulnerabilities, and bridge hacks.
Public Key Episode 47 preview: Where does cyber security fit into the cryptocurrency and DeFi industry
Chainalysis recently reported that 2022 was the biggest year ever for crypto hacking, with $3.8 billion stolen with the majority of the funds coming from DeFi (decentralized finance) protocols, and it begs the question, why isn’t there better cyber security for these projects?
This is the exact reason why we brought in our next guest, David Schwed (Chief Operating Officer of Halborn), who sat down with Ian Andrews (Chief Marketing Officer, Chainalysis) and explained everything we need to know about smart contract audits and why blockchain projects shouldn’t solely be relying on these audits as part of their cyber security functions.
David gives us expert insights into proper key management and explains the security vulnerabilities of bridge hacks and the need for DeFi projects to prioritize cyber security instead of making it a second thought, especially with escalating crypto hacks.
Quote of the episode
“A lot of the hacks that we’re seeing aren’t necessarily web3-focused, key exfiltration attacks. They’re traditional web2 attacks that have web3 implications.” – David Schwed (Chief Operating Officer, Halborn)
Minute-by-minute episode breakdown
- (2:05) – What is Halborn, and why should security be built into projects foundationally from the beginning?
- (5:35) – The Origin Story of David Schwed: From Technologist to Law to CISO
- (8:45) – The importance of smart contract audits and prioritizing security
- (17:25) – What role does key management play for projects that are protecting digital assets
- (24:45) – Creating simulated environments to test smart contract code
- (29:25)) – Are the vulnerabilities of bridge hacks and cross-chain exploits solvable?
- (33:55) – Web2 infrastructure vulnerabilities in DeFi and what projects are doing it right?
- (37:25) – What are TWAP oracles, and what are the vulnerabilities with projects using them
Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.
- Report: The Chainalysis 2023 Crypto Crime Report
- Conference: Chainalysis Links Conference 2023 in New York City
- Website: Halborn: Elite Blockchain Security Solutions
- Blog: What Are TWAP Oracles?
- Video: How Hackers Exploit DeFi Protocol and Make Money
- Chainalysis Blog: 2022 Biggest Year Ever For Crypto Hacking with $3.8 Billion Stolen, Primarily from DeFi Protocols and by North Korea-linked Attackers
- Twitter: Chainalysis Twitter: Building trust in blockchains
- TikTok: Newly launched Chainalysis TikTok page
- YouTube: Chainalysis YouTube page is completely revamped
- Website: Chainalysis: We are paving the way for a global economy built on blockchains.
Speakers on today’s episode
- Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
- David Schwed (Chief Operating Officer, Halborn)
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