DAO vote hacking

20 / In episode 20, we discuss the recent Beanstalk hack, where vote buying was used to steal over $182 million from the DAO. We also delve into the security of bridges and the ratio of assets under management versus the size of the army watching the vault. Additionally, we examine the iron triangle of decentralized, scalable and secure systems, and why PoS is more centralized than PoW.

Episode notes

• The Beanstalk hack was done with vote buying, those are YOUR staked tokens
  • https://www.theverge.com/2022/4/18/23030754/beanstalk-cryptocurrency-hack-182-million-dao-voting
  • Vote arbitrage on DAOs: “A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury.”
• Security of bridges is related to the ratio of assets under management versus the size of the army watching the vault
• Iron triangle – decentralized/scalable/secure
• Why POS is more centralized than POW
  • https://github.com/ethereum/ethereum-org/issues/841