The School of Computer Science at the University of Windsor is pleased to present…

Speaker: Dr. Sebastian Banescu

Title: Dissecting a DeFi hack and how it could have been mitigated

Date: Friday, 22 Mar 2024

Time: 11:00 am – 12:00 pm

Location: Erie Hall, Room 3123

 

Abstract:

In November 2023 an attacker exploited a rounding error in a decentralized exchange deployed on the Ethereum mainnet and other EVM-compatible networks. The exploit drained approximately 56M USD worth of cryptocurrency from contracts across multiple chains. Thanks to the transparency of the public blockchain, we will dissect each step of the attack and identify the root cause. At the end of the presentation, we will describe how this attack could have been prevented.

Keywords: DeFi, smart contracts, rounding error, exploit

Biography:

Dr. Sebastian Banescu is the co-founder of Chainproof Digital Asset Insurance Ltd, the world's first licensed insurer for non-custodial smart contracts and slashing risks. He is also the Managing Director of Quantstamp Germany GmbH. He holds a PhD in Computer Science from the Technical University of Munich. Before joining Quantstamp, Sebastian worked as a security specialist at large enterprises such as BMW, Philips, and Deloitte.