In this podcast, Taylor Monahan, the founder of MyCrypto, an Ethereum wallet, discusses the recent $10 million hack that has affected the crypto wallets of several OGs in the space. She breaks down the hack, shares her own history in the space, provides risk management advice for crypto users and developers, and ponders some deep questions on whether code is law and whether DeFi should really be immutable.
- Cryptocurrency Wallet Hackers: The recent hack was an organized and sophisticated operation that drained $10 million worth of ether from several OGs in the space. The hackers used various methods, including tricking users into taking actions they didn’t want to take.
- Taylor’s Background: Taylor has been in the crypto space for a long time and has seen the evolution of security measures and the increasing sophistication of hacks.
- The “Code is Law” Argument: Taylor discusses the concept of “code is law” in the context of blockchain and crypto, suggesting that while it’s a powerful idea, it’s not always practical or beneficial in real-world scenarios.
- Advice for Crypto Users and Developers: Taylor advises crypto users to use hardware wallets and not to keep all their crypto in a single place. She also recommends developers to learn from past hacks and to think creatively about how to protect users.
- Account Abstraction and Authorization Levels: Taylor discusses the concept of account abstraction in Ethereum, which allows for different levels of authorization and control over a user’s digital assets. This can help improve security and user experience.
- Crypto and User Behavior: Taylor believes that both crypto technology and users will need to adapt for mainstream adoption. Crypto needs to become more user-friendly, but users also need to learn new behaviors to safely and effectively use crypto.
- Bullish: Taylor is bullish on the future of crypto and believes that with the right security measures and user education, mainstream adoption is possible. She also sees potential in the concept of account abstraction in Ethereum, which could significantly improve user experience and security.
- Bearish: Taylor expresses concern about the current state of security in the crypto space, highlighting the recent $10 million hack as an example of the sophisticated threats that exist. She also acknowledges that the crypto space is not yet ready for mainstream adoption due to these security challenges.
- Neutral: Taylor maintains a neutral stance on the “code is law” argument, recognizing its theoretical appeal but also acknowledging its practical limitations.