How AI Agents Hacked Smart Contracts for $1 Apiece - DEX in the City - Ep. 975
Episode publishedPodcast: UnchainedUnchained
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What I worry about here is, like, Citadel Securities to me is not the voice to be saying we care about consumer protection.
But I really think as an industry, we need to take those issues really seriously because the SEC is never going to allow capital markets to come on chain unless we can prove that they're fair and transparent.
One of the things that I saw at PTSD over is 2022, where a major contributing factor, you know, I was at a DeFi protocol at that time. And I was so furious because there was so much demonization of DeFi in the press narrative during the crypto crash. And we were all like, it's not DeFi that screwed
this up, guys. It's actually CeFi masquerading as DeFi. Wait for this next creepy part because it got worse. So then they were like, okay. Let's point the agents at brand new contracts that were just put out into the ecosystem with no known issue. Within a short period of time, the agents found two zero day exploits. Zero days essentially just like the builders have had zero days to fix any vulnerabilities following release, and they executed exploits. And they made money that cost more than what the agents cost.
Hi, all, and welcome to Dex in the City where the wallets are cold and the takes are hot. First, we have Jesse, Web three prosecutor turned Web three protector at Rivet Capital. Hi, everyone. And V from the SEC to Web three. What's up? And I'm your host, Katherine or KK, fluent in TradFi and conversant in deep tech over at StarkWare. And V and I are reporting live from our hotel rooms at the Blockchain Association Summit in Washington DC. So we've been into some good stuff. But before we get started, here's a word from our sponsors that make this show possible.
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Before we get going, remember, we're lawyers, but we're not your lawyers. Nothing you hear on Dex in the City is legal or financial advice, and it doesn't create an attorney client relationship. For the fine print, check unchainedcrypto.com. So we have a jam packed episode today because as usual, there has been so much going on in crypto, mostly good, but some bad. And speaking of bad, the industry was rocked the other day with a very strongly worded lengthy article from Citadel Securities. So Vee jump in and tell us more about this letter and why they sent a letter and all the things.
Sure. So first off, like, the bed in the background. I tried to make it as I could. I'm not really good at it.
So I also made my bed. This is how
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