Bridge Hack, Wallet Hack

Aug. 12, 2022

with @mg_486662 @riyazdf @nassyweazy and @smc90

This week’s all-new episode digs into recent high-profile hacks that took place in the crypto space over the last week -- we not only dig into what happened, including a more technical breakdown of the how and how we know -- but also cover the categories and issues specific to (and not specific to!) web3 security; as well as solutions and advice for builders.

We also touch on related trends and topics such as the role of open source; communications around hacks, as well as social media status signaling; and much more. Throughout, we try to help tease apart what’s hype/ what’s real, as well as the signal vs. the noise, in the narratives out there...  

Joining host Sonal Chokshi this week are experts from the a16z crypto security team, including: security engineer Matt Gleason; CTO Riyaz Faizullabhoy; and CISO Nassim Eddequiouaq -- both of whom previously worked at Facebook, Anchorage, and Docker [Nass also appeared on an earlier episode of this show, on evolving NFTs & security, available here].

But for this episode, just to quickly recap for your context, the hacks we’re specifically covering are:

• The hack of the Nomad bridge -- which connects several different blockchains including Avalanche, Ethereum, Evmos, Moonbeam, and others – with reported range of between $185-$190M stolen; 
• The hack of the Slope wallet -- a non-custodial, browser-based wallet that was reported to affect nearly 8000 users on Solana as well as other ecosystems -- with reported range of between $4.5-8M stolen. It occurred a week ago and Slope just posted their latest update today confirming some of the details in this episode (which was recorded a few days earlier).

As a reminder: None of the following is investment, business, tax, or legal advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.