Jump and Oasis recovering ~120K stolen ether demonstrates how multisig-controlled upgradeable smart contracts undermine trustlessness and censorship-resistance
Molly White
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Discussion
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@danyork@mastodon.social
Dan York
on mastodon
Another fascinating and brilliant post from @molly0xfff about the reality of #centralization within “DeFi” and how for convenience, immutable actions have become mutable. A key quote for me: …
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@profjaparker
Jonathan A. Parker
on x
DeFi in many places is converging to a costly, slow, unsafe, centralized, and definitely dodgy version of traditional finance... https://twitter.com/... https://twitter.com/...
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@blockworksres
@blockworksres
on x
2/ We published a free report on Blockworks Research that details exactly how the counter exploit was facilitated. This report includes links to all addresses and transactions mentioned below. The rest of this thread hits the highlights 👇 https://www.blockworksresearch.com/ ...
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@tayvano_
Tay
on x
Here's the key pieces about the actions with regards to the “sender” (aka Jump) and the “multisig” (aka Oasis) https://www.blockworksresearch.com/ ... https://twitter.com/...
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@tayvano_
Tay
on x
It looks like in both these cases the contracts were upgraded / funds moved by the parties from whom the funds were originally stolen from. It was almost certainly Jump + Whitehats who actually did the thing This post by @smyyguy is fantastic https://www.blockworksresearch.com/ .…
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@tayvano_
Tay
on x
And here's the key pieces about the system design that allowed the Oasis 4-of-12 multisig to be used to be able to take action on behalf of an independent entity's vault https://www.blockworksresearch.com/ ... https://twitter.com/...
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@molly0xfff
Molly White
on x
I run into this a lot in crypto. People decide to use a blockchain and incur huge speed/$/scalability costs, then themselves undermine all the things the blockchain is supposed to do, ending up with a version of existing products that's just slow, expensive, and doesn't scale. ht…
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@molly0xfff
Molly White
on x
Grab your machete because we're getting into the weeds. The “counter-hack” by Jump Crypto and Oasis just provided a remarkable demonstration of the centralization of defi. Read more: https://newsletter.mollywhite.net/ ...