1d ago
ByBit. Radiant, WazirX. Same problem: massive attack surface in multisig self-custody wallets.
These exploits keep happening because current systems give attackers too much surface area.
We deserve better wallets that actually protect users and their funds.
@trailofbits recently released an article titled Safer cold storage on Ethereum which describes how the next evolution of cold storage wallets can utilize role based access controls and time delays to keep funds safe.
Three pillars allow firewalling of risks to keep users safe.
Pillar 1: Role Based Access Control allowing specific users the ability to do narrowly scoped actions. These users can engage in predefined actions by the wallet admin. Examples of actions could include supplying and withdrawing from a lending market such as @MorphoLabs
Pillar 2: Timelock operations for all non role based actions. This timelock gives a guardian or wallet owners the time to hit the pause button in case a malicious action is queued in the timelock.
Timelocks break atomicity and give users a second chance when things go wrong.
Pillar 3: Rate Limiting transfer amounts for role based access. This allows the wallet implementation the ability to remain generic, and impose different rate limits on different users.
This way, if a single user is compromised, the blast radius is contained.
Beyond these pillars, guardians can be used to cancel queued time lock operations. Ideally the time lock stores calldata on chain for easier observation and visibility into proposal calldata. This makes detecting malicious proposals easier.
Putting all of these together creates a system that can withstand many different threat actors. These pillars minimize the attack surface and risks by breaking the atomicity present in most multisig wallets.
@kleidiwallet will be launching soon, the first timelock wallet on eth.
@KleidiWallet DM for early access, the waitlist is filling up fast!
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