Cryptocurrency

Statemind saving crypto companies $350M shows industry why blockchain audits matter

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Over the past few days, an extensive investigation into an anonymous white hat informant has been launched. This informant miraculously saved several major crypto protocols from heavy losses, up to $350 million he has and still is. The community eventually discovered that the protagonist of the story was a blockchain security audit firm. state mind.

Although the company is relatively new, its impact on the cryptocurrency industry has already been recognized and critically appreciated. The recent situation is also a perfect example of why blockchain audit firms are so important and can potentially save businesses millions of dollars in damages.

Here’s everything you need to know about recent blockchain vulnerabilities in Avalanche, SushiSwap, Abracadabra, and other protocols.

About the $350 Million Vulnerability and White Hat Tipsters

Across the crypto space, the most popular protocols are regularly attacked by hackers looking for bugs and other backdoors into their underlying code that can be exploited for personal gain. These sophisticated hackers have always been high-value targets because they know there are millions, even billions, at risk in these blockchain networks across all assets.

Your source code must be completely free of vulnerabilities. In recent cases involving Statemind and several top protocols, the cryptocurrency community was fortunate that a blockchain security audit firm found a critical precompilation vulnerability before malicious actors did.

Otherwise, the estimated damages would have reached over $500 million, or at least $350 million. Estimated total damage is still rising as the situation is fully assessed. Not only has Statemind prevented huge losses across the cryptocurrency community, but without even asking for credit, anonymously he provided the information to ImmuneFi.

Statemind Moves Forward After Long Crypto Community Scrutiny

Not satisfied with not knowing who the tipster was, the developers joined the cryptocurrency Twitter community, started looking for answersIn an effort to ensure transparency, those affected began sharing their findings on the vulnerability on social media, publishing a post-mortem analysis of what went wrong.

Statemind eventually came forward and affected blockchain developers expressed their deep gratitude. Statemind has also been hailed as a hero across the cryptocurrency industry and clearly a notable new audit firm.

With blockchain protocols becoming more complex and costing so much money, blockchain audit firms are becoming more and more necessary. Regular audits and code reviews can come at an upfront cost, but if something terrible happens, it could save cryptocurrency companies and their users a lot of money.

Statemind Blockchain Security Audit Details

Statemind.io is the premier blockchain security audit firm with experience in Solidity and Vyper worth over 100,000 LoC. The company recently placed 14th at Paradigm CFT 2022. Clients include LIDO, 1INCH and Yearn.Finance. After the company was able to save other blockchains and users from loss of funds, it’s easy to see why.

To learn more about Statemind.io or request an audit, please visit: Official website.

Disclaimer: This is a sponsored post provided by Statemine.

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