It’s a day ending in Y, which means we’re going to talk about crypto hacks. Yes, these are all too common - in October alone, hacks, attacks and clever exploits (more about those in a second) cost the crypto industry an estimated $700 million.  Now when we talk about hacks, you might (correctly) picture sophisticated state-sponsored groups like North Korea’s Lazarus, or more run-of-the-mill attacks on Twitter or Instagram. But there's another kind of exploit that’s really raising eyebrows in crypto these days - one that involves taking advantage of how platforms are supposed to work. 

One type of exploit is a price-manipulation attack - which is what happened to a DeFi platform called Mango. The person who did the exploit initially walked away with a cool $100 million.

To better understand what’s at stake for DeFi,  Bloomberg reporter Muyao Shen joins this episode. Also featured is Evgeny Gaevoy, CEO and founder of Wintermute, a trading platform that was itself hacked for $160 million back in September. 

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter

It’s a day ending in Y, which means we’re going to talk about crypto hacks. Yes, these are all too common - in October alone, hacks, attacks and clever exploits (more about those in a second) cost the crypto industry an estimated $700 million.  Now when we talk about hacks, you might (correctly) picture sophisticated state-sponsored groups like North Korea’s Lazarus, or more run-of-the-mill attacks on Twitter or Instagram. But there's another kind of exploit that’s really raising eyebrows in crypto these days - one that involves taking advantage of how platforms are supposed to work. 
One type of exploit is a price-manipulation attack - which is what happened to a DeFi platform called Mango. The person who did the exploit initially walked away with a cool $100 million.
To better understand what’s at stake for DeFi,  Bloomberg reporter <a href="https://www.bloomberg.com/authors/AVmRps-ull0/muyao-shen">Muyao Shen</a> joins this episode. Also featured is Evgeny Gaevoy, CEO and founder of Wintermute, a trading platform that was itself hacked for $160 million back in September. 
Subscribe to the Bloomberg Crypto Newsletter at <a href="https://bloom.bg/cryptonewsletter">https://bloom.bg/cryptonewsletter</a>

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Bloomberg Crypto

Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. Bloomberg journalists will help cut through all the noise and provide clarity, context and authority.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. Bloomberg journalists will help cut through all the noise and provide clarity, context and authority. In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

The Mango Hack

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/c678a2bb-8030-4a75-a3d3-af4c0123e25c/transcript

Advertisement