Pseudonymous crypto sleuth Ogle has witnessed many failures while investigating DeFi hacks. He belongs to a niche group of security experts who clean up the mess from frequent attacks on crypto-finance projects. His specialty is tracking down attackers and recovering stolen funds.
Stopping these heists relies on robust smart contract code and adept security. In an interview with CoinDesk, Ogle mentioned that it also comes down to incentives. If attackers perceive the personal cost of their exploits as too high, they might refrain from attempting them. This principle underpins Ogle’s upcoming blockchain, Glue, which aims to fund a security blanket that raises the stakes for black hats, encouraging them to target other platforms.
Despite its $1.4 billion valuation raised in a public token sale, Glue has remained relatively unnoticed this year. It’s another new layer 1 blockchain competing for the attention of crypto traders and developers amidst many rivals. Unlike well-known platforms like Monad and Berachain, Glue has used guerilla marketing tactics, such as distributing spy-style manila envelopes at industry conferences, to generate intrigue.
In interviews with CoinDesk, Ogle and co-founder SnapShot discussed Glue’s philosophy, security, and design. They believe Glue can appeal to both “regular people who don’t do crypto all day long” and traditional financial professionals who seek a secure platform.
Glue will feature an activity “hub” that aggregates DeFi services for users, setting it apart from most blockchains where users must find services independently. SnapShot mentioned that while “centralization” is often viewed negatively in crypto, a more centralized user interface can improve the user experience. Ogle added that Glue Hub aims to make on-chain onboarding as smooth as using Coinbase.
This approach targets the 90% of crypto users who prefer centralized exchanges over the relatively few who operate on-chain. Although Glue Hub will be the primary trading venue, the chain is permissionless, allowing anyone to build and launch services. These can be integrated with Glue Hub if they pass security checks, including audits commissioned by Glue.
Audits have become a marketing tool in crypto, with projects using positive reports to attract users. However, Ogle, a former auditor, criticized this practice, noting that many projects hide negative reports. To counter this, Glue plans to subject high-caliber projects to audits funded by the Glue Security Fund (GSF), which will be financed by a small tax on every transaction. The GSF will support various security initiatives across the chain.
Despite audits, vulnerabilities remain. For instance, the lending protocol Euler lost $200 million in a hack despite undergoing ten audits. Ogle, who helped recover Euler’s funds, claims a 65% success rate in retrieving money for the 40-odd exploited projects he has assisted.
Glue’s GSF aims to deter hackers by funding efforts to chase them down. Ogle acknowledged they won’t catch everyone but hopes the threat of pursuit will make hackers think twice about targeting Glue. Transactions on Glue will require multiple approvals (multi-sig), allowing third-party services to build tools enhancing user security by flagging suspicious activities.
This setup could help prevent users from losing money to seemingly innocent wallet interactions.
Source: coindesk.com
