Governance Attack Surface Review: Deribit

Target Protocol: Deribit (TVL: $5178.8M)

Security Assessment & Governance Attack Surface Review: Deribit (Defi / Bridge Context)

Target: Deribit Architectural & Governance Interfaces

Scope: Smart Contract Administration, Multisig Governance, Upgradeability Mechanisms, Oracle Feeds, and Custodial Bridge Control

Date: October 2023

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1. Executive Summary

Deribit is a leading centralized cryptocurrency derivatives exchange. While core order matching and risk management execute off-chain, integrations with decentralized finance (DeFi), cross-chain bridges, wrapped tokens, and collateral management smart contracts introduce on-chain governance attack vectors.

This assessment evaluates the threat landscape surrounding administrative privileges, contract upgradeability, emergency pause capabilities, and key management architecture associated with Deribit's on-chain presence and connected infrastructure.

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2. Identified Governance Attack Vectors

AV-01: Admin Key / Multisig Compromise

• Mechanism: If core smart contracts (e.g., withdrawal gateways, asset wrappers, or collateral vaults) rely on an $M$-of-$N$ multisig without hardware security module

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