waxwing on Nostr: These things are very common. Two things to bear in mind are: most of the ...
These things are very common.
Two things to bear in mind are: most of the sophisticated L2/defi stuff happening has ultimate control/backdoor on supposedly decentralized smart contracts, through a multisig key. As in this case. Which means a central point of failure that can be attacked, albeit it takes considerable effort on the attacker's part.
Two: absent external attackers, there's still a lot of danger in this model: like an ecash mint, the multisig quorum members can walk off with the funds *or fake an external attack*. And they can also lose the system's funds just because of an error.
rekt.news was reporting like 4 or 5 events of this type per week in the 22-23 period.
Two things to bear in mind are: most of the sophisticated L2/defi stuff happening has ultimate control/backdoor on supposedly decentralized smart contracts, through a multisig key. As in this case. Which means a central point of failure that can be attacked, albeit it takes considerable effort on the attacker's part.
Two: absent external attackers, there's still a lot of danger in this model: like an ecash mint, the multisig quorum members can walk off with the funds *or fake an external attack*. And they can also lose the system's funds just because of an error.
rekt.news was reporting like 4 or 5 events of this type per week in the 22-23 period.