Navigating Frontier Tech – Episode 16 | Ledger’s Exploit

In this episode

We plunge into the dynamic realm of Web3, exploring pivotal shifts in crypto regulations and the establishment of a global consensus on AI standards. Leading the discussion is our distinguished host, Jay Steinback, Founder & CEO of yWhales, alongside industry luminaries Dan Guido, CEO of Trail of Bits, and Dave Perrill, CEO of PerrillCo. Delve into the complexities of classifying crypto assets and witness how platforms are strategically adapting to new territories and evolving policies.

From the critical security considerations surrounding blockchain to the recent Ledger exploit, which poses a significant threat to decentralized finance, we dissect the intricacies of safeguarding users in this ever-evolving environment. Ledger is a leading company specializing in hardware wallets for secure cryptocurrency storage, established in 2014. Their flagship product, the Ledger Nano series, offers offline storage for private keys, providing enhanced security for a variety of cryptocurrencies. Our exploration extends to IBM's groundbreaking cold storage technology for crypto assets, addressing ongoing debates regarding the environmental impact of cryptocurrency compared to traditional cash.

As we unravel the multifaceted challenges of global cybersecurity threats and the evolving regulatory landscape, we shine a spotlight on the targeted actions of Chinese hackers on US infrastructure. Additionally, we delve into the growing support for Senator Elizabeth Warren's AML bill and scrutinize Robinhood's strategic foray into the EU crypto market, signaling a commitment to regulatory clarity. Join us on this insightful journey as we provide valuable perspectives on the forces shaping the Web3 landscape.

About Guests

Dan Guido, the esteemed CEO and founder of Trail of Bits, stands as a cybersecurity luminary whose unwavering passion drives the advancement of software security. At the helm of a talented team of 140 engineers, Dan has catapulted Trail of Bits to the forefront of cryptography, artificial intelligence, and blockchain security. His influence extends beyond the corporate realm, as he serves as a valuable member of the CFTC Technology Advisory Committee, where he deftly navigates cybersecurity risks in emerging technologies. Through strategic collaborations with prominent institutions such as CFR, RAND, CNAS, and Harvard, Dan actively shapes cybersecurity policies.

In addition to his leadership roles, Dan is the mastermind behind Empire Hacking, an initiative connecting 1,700 NYC-based cybersecurity experts. His innovative creation, AlgoVPN, stands as a leading self-hosted VPN with an impressive 27,000 stars on GitHub, attesting to its widespread recognition and adoption within the tech community. Dan's outstanding contributions to the field were further acknowledged in 2021 when he was inducted into the SFS Hall of Fame by the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (DHS CISA).

Moving on to another luminary in the tech realm, Dave Perrill boasts a remarkable 28-year career spanning the data center, Bitcoin mining, energy, and information security sectors. As a four-time technology founder with two successful exits under his belt, Dave has left an indelible mark on the industry. Notably, he recently founded and scaled the largest crypto-focused infrastructure company in North America, overseeing the development of over 700MW of projects across four states.

Dave's prowess has earned him prestigious accolades, including the Inc. 100 award, EY Entrepreneur of the Year, and a Fast 50 (#1 ranking in MN) award. Armed with a B.S. in Management Information Systems and an MBA in Finance from the University of Minnesota, Dave combines technical acumen with business savvy. Beyond his professional achievements, he finds joy in playing softball, traveling, indulging in great movies, and cherishing moments with his family and friends. His multifaceted approach to life reflects not only his business acumen but also his commitment to a well-rounded and fulfilling existence.

Guest Social Links:

Dan's LinkedIn: https://www.linkedin.com/in/danguido/

Trail of Bits' Website: https://www.trailofbits.com/

Dave's LinkedIn: https://www.linkedin.com/in/daveperrill/

PerrillCo's Website: https://www.perrillco.com/

Timestamps

2:37 Jay's intro 

3:45 Guests intro  

6:33 Security: Blockchain, leaks and maintaining integrity 

10:40 Ledger Exploit Endangers DeFi; Sushi Says 'Do Not Interact With ANY dApps'

19:30 IBM Introduces New Cold Storage Tech for Crypto Assets 
27:15 ECB assesses environmental footprint of cash, sees room for improvement 

39:30  Chinese hackers target US infrastructure: Report 

42:23 More US senators back Elizabeth Warren’s AML bill targeting crypto 

51:00 Robinhood enters EU crypto market, embracing regulatory clarity 

56:35 Closing thoughts 

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DISCLAIMER: yWhales is not affiliated with YPO. Support and production for today’s episode was done by Truth Work Media. Nothing in the podcast constitutes professional and/or financial advice, nor does any information on the podcast constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.