Understanding Smart Contract Security with Rumyana Neykova: Concluding the DLT Seminar Series

On 28th November 2024, Exponential Science concluded a Distributed Ledger Technologies Seminar Series at University College London with a session titled ‘Understanding Smart Contract Security’, led by Rumyana Neykova, Senior Lecturer at Brunel University. This closing session offered an in-depth exploration of the most pressing issues in smart contract security and practical approaches to addressing them.

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Dr. Neykova guided attendees through the most common ways used to attack smart contracts, including the infamous DAO hack, the Poly Network attack, and the Wormhole Bridge hack, which collectively underscore the vulnerabilities that persist in decentralised systems. In 2022, $3.8 billion was lost to smart contract hacks, a figure that has grown alongside the expansion of Total Value Locked (TVL) of the DeFi sector. 

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The session also focused on teaching attendees to think with a security mindset to spot vulnerabilities. Dr. Neykova explained how intuition plays a critical role in identifying logic bugs, which automated security tools often fail to detect. She noted that only 8% of smart contract attacks are currently flagged by these tools, which are better suited for detecting simpler vulnerabilities like reentrancy issues. 

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To advance smart contract security, Dr. Neykova proposed:

• Strengthening the development of techniques to detect logic-related vulnerabilities, even if they require some user input.
• Designing distinct tools for developers and auditors to meet their specific needs, acknowledging their differing roles in securing systems.

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The session provided attendees with actionable insights on improving security practices and emphasised the importance of combining technical expertise with creative problem-solving to ensure the security of blockchain-based systems.

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This seminar marked the conclusion of our DLT Seminar Series. Exponential Science extends gratitude to Dr. Neykova and all the speakers who shared their knowledge and expertise throughout the sessions. We also thank the engaged participants who made these sessions truly interactive and meaningful.

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Stay tuned for future events as we continue to explore the cutting-edge technologies shaping the future of decentralisation.