DominiqueB

What IBC got wrong Technical: - unnecessary complexities: connections, channels, middlewares, ordered channels, the handshake process, requirement on inspecting self historical consensus state (removed recently, good!) These should all be deleted - monolithic light client: state transition and state verification should be modularized, instead of forcing all Tendermint chains to use ICS-23 - commitment paths and hash algo shouldn't be preset by protocol. This makes EVM impl a lot more difficult for example (forced into sha256 instead of free to choose keccak - this is why union-ibc is not compatible with Eureka) - ICS-20 and -27 are poorly designed: should merged into one, with multiple coins per packet, multihop and interchain query baked in Business: - taking years to painstakingly implement trust minimized light clients. Should instead quickly expand to as many chains as possible, grabbing the market share, even temporarily rely on trusted setups eg multisigs is ok - too late toe expand to EVM, SVM - ICF should have run a Bitcoin bridge with IBC API. Having native bitcoin before anyone else would have been huge

🚨 ATTENTION 🚨 A short update on the recent events: - The attackers' $ASTRO on Neutron have been seized and is being held in the Astroport Treasury - The attackers' Terra address has been blacklisted from making any transactions - The IBC Hook vulnerability has been patched - The attacker stole a total ~58 million ASTRO tokens. Of these, they bridged ~33 million ASTRO to Neutron. - The attacker swapped ~13 million ASTRO for 124,000 axlUSDC and sent it to an Ethereum address. - Some 20 million ASTRO tokens remaining on Terra have been blacklisted and cannot be moved. - We continue to work closely with the Terra team to find a solution. Astroport contributors will provide further updates and more accurate numbers as soon as they can, and a full description of the events is expected later this week.