this post was submitted on 16 May 2024
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277
MIT Students Stole $25 Million In Seconds By Exploiting ETH Blockchain Bug, DOJ Says (slashdot.org)
submitted 4 months ago by 0nekoneko7@lemmy.world to c/technology@lemmy.world
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[โ€“] hark@lemmy.world 37 points 4 months ago (1 children)

This is a prime example of why the "code is law" selling point for smart contracts is a disaster waiting to happen. Proponents claim you won't need lawyers, arbitrators, courts, etc, but in reality you'll need all those and on top of that programmers to write and verify smart contracts.

[โ€“] mPony@lemmy.world 8 points 4 months ago

"code is law" can become "might makes right" without oversight. Those who lobby against oversight are a problem.