What Happened at the First BSC.News Binance Smart Chain Security Summit?

The Security Summit surveyed topics of all levels, with over 2.5 hours of serious security content.

By
Kyle Heise
on
August 23, 2021
Category:
BSC News

Importance of Security 

Security and asset protection are always important issues for blockchain and cryptocurrencies. The entire apparatus is held together precariously by trust and security. 

The first BSC.News Binance Smart Chain (BSC) Security Summit was held on Thursday, August 19, with the goals of educating users and developers for better practices. The event was a smash and delved into a range of topics, notably best practices for all crypto users.

The event was hosted by BSC.News Founder and YouTube Host Greg (aka Goon Trades), who led a lineup of significant industry players. The groups invited are at the center of security and protection on BSC. 

Highlights included the analysis from the two bug bounty groups Hacken and Immunefi. The discussion level was indeed high. 

"Every cryptocurrency project is just a bug bounty in disguise. If you can hack it, you can take people’s money,” said Duncan Townsend, CTO of Immunefi. “Having a formal bug bounty is a negotiation between a project and a hacker that shows that a project has legitimate seriousness towards security." 

The panel’s discussion and questions challenged blockchain and decentralized finance users of all levels. The lineup also hosted innovative wallets SafePal and ONTO Wallet. Representatives from Binance Smart Chain, Featured by Binance, and PancakeBunny also attended. Each group brought levity, and the event is worth the replay. 


Technical Attacks

One of the more technical but essential topics was the front-runner and sandwich bot phenomena brought forth by Hacken CEO Dyma Budorin. Budorin discussed how ruthless these bots are; their behavior is detrimental to many platforms and questions ethical boundaries in his eyes. He called out all parties involved, specifically those on BSC, where he found the problem most prevalent. 

“If there is a front-runner bot. It means that someone can see the trade before its executed. So who can see these?” Dyma asked. “We don’t know the answers. We only see the results of unfair trading.”

These bots affect users directly and are a major problem that can happen right under anyone’s nose. The bots can be tracked on sites like BscScan or EtherScan, but how often is every DeFi user double-checking their transactions? Dyma likened the incident to the Flash Boys investigations from the early 2010s.

“Sooner or later, people will scream about this. It’s the same as it was with Flash Boys. Everything went under big investigations. So this is something that needs to be fixed ASAP,” Dyma added.


Affects Us All

Perhaps some of the most telling and capital T true advice came from John, the Business Development Lead from PancakeBunny and Mound. Having suffered some crushing setbacks as of late, the PancakeBunny is one of the first to know about the importance and fallout from a security breach. 

"Code security has no silver bullet. There is no one single item that can make a project invulnerable from attacks.” John said. “It takes a culmination of actions to strengthen any protocol. It isn’t one-sided––it’s multisided with different actors involved.”

And that includes the users. Ultimately, the safety of Decentralized Finance (DeFi) can be found with a user. Accepting the inherent risks of cryptocurrencies and DeFi is like a portal investors pass through. From traditional investing to the real of decentralized investing where security is still tentative. 

The discussion on display at the first BSC News Security Summit had an in-depth conversion that shows how crucial the topic of security is.

Don’t forget to download the BSC.News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto!

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Kyle Heise

Born and raised in the East Bay of California. He has studied and worked on three continents and lived in eight countries. Kyle resides in San Francisco. He holds bags mostly in Ethererum, Cake, and BSC GameFi projects.

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