Home Blockchain & Cryptocurrency Security What we instructed the CFTC about blockchain threats

What we instructed the CFTC about blockchain threats

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What we instructed the CFTC about blockchain threats

Dan Guido, CEO

In March, I joined the Commodity Futures Buying and selling Fee’s Technology Advisory Committee (TAC), serving to the regulatory company navigate the complexities of cybersecurity dangers, significantly in rising applied sciences like AI and blockchain.

In the course of the committee’s first meetingI mentioned how the quickly altering and public nature of blockchain know-how makes it uniquely inclined to threats, and why it requires exact options which might be designed to get rid of, fairly than mitigate, danger.

Our key takeaways for the CFTC had been:

  • Blockchain evolves way more quickly than different fields of software program, which makes it tough to ascertain industry-wide requirements and finest practices. In simply the previous few years, the menace panorama has fully remodeled with the emergence of latest applied sciences (bridges, DeFi) and assaults (flash loans, worth oracle manipulation).
  • Details about blockchain know-how—and the hacks used to use it—is public, which signifies that different customers and companies can discover out about breaches as quickly as they happen, earlier than organizations can react.
  • Blockchain requires software program with excessive assurance, which means it’s constructed to express specs and at all times works the suitable method. Comprehensively making use of the newest accessible software program testing analysis (property testing, mannequin checking, verification, and many others.) is the minimal bar for security.
  • Blockchain wants extra analysis, work, and innovation; AI, which is probabilistic fairly than exact, shouldn’t be a viable answer.

The committee will meet again on July 18the place I’ll lead a dialogue on the affect of AI cybersecurity capabilities on monetary sector safety. The dwell webcast will probably be accessible at CFTC.gov.

You may view our full presentation within the video beneath. The complete slide deck can be accessible on our GitHub page.

I need to thank our co-presenter, Fireblocks CEO Michael Shaulov, who demonstrated how our findings are relevant to a few of the largest safety incidents the {industry} has skilled.

I sit up for persevering with our work with the committee. Path of Bits’s blockchain follow, which includes 20 full-time safety engineers and has carried out lots of of safety audits, has unmatched experience within the blockchain {industry}—experience that we’ll use to additional the CFTC’s mission of selling market integrity, resilience, and vibrancy.

To look at our prior foundational work within the fields of blockchain, cryptography, and AI/ML analysis, please go to the hyperlinks beneath or our GitHub page.

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