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Statemind saving crypto companies $650M shows industry why blockchain audits matter

Statemind saving crypto companies $650M shows industry why blockchain audits matter

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Over the past few days, a massive investigation was launched into an anonymous white hat tip that miraculously saved several high-end crypto protocols from significant losses of $650 million and counting. The community eventually found out that the hero of the story was blockchain security auditing company Statemind.

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

Here’s everything you need to know about the recent blockchain vulnerability of Avalanche, SushiSwap, Abracadabra and other protocols. We also shine a light on Statemind itself.

All about the $650 million vulnerability and the White Hat Tipster

Across the crypto space, the most popular protocols are regularly bombarded by hackers looking for bugs and other backdoors in the underlying code that can be exploited for personal gain. These advanced hackers know that these blockchain networks have millions, even billions, at stake across all assets, making them always a valuable target.

The source code must be clean of all vulnerabilities, otherwise someone will find it. In the recent case of Statemind and a handful of top protocols, the cryptocurrency community was fortunate that a critical pre-translation vulnerability was discovered by a blockchain security audit firm before a malicious actor discovered it.

Otherwise, the estimated damages would have been more than half a billion dollars, or at least $650 million. The total damage estimates are still rising when the situation is fully assessed. Not only did Statemind prevent huge losses in the crypto community, but it didn’t even take credit for it and anonymously submitted the tip to ImmuneFi.

Statemind steps forward after a long research into the crypto community

Not content with not knowing who the tipper was, the developers reached out to the crypto Twitter community and began looking for answers. In the interest of transparency, those involved began sharing their vulnerability findings on social media and published post-mortems detailing what went wrong.

Finally, Statemind emerged, and the affected blockchain developers expressed their deepest gratitude. It has also put Statemind in the spotlight across the crypto industry as both a hero and a new audit firm to definitely keep an eye on.

Blockchain auditing firms are increasingly necessary as blockchain protocols become more complex and there is so much money at stake. Regular auditing and code review may incur upfront costs, but they can save crypto companies and their users a fortune if and when something goes terribly wrong.

Read more about Statemind Blockchain Security Auditing

Statemind.io is a leading blockchain security auditing firm with over 100,000 LoCs worth of Solidity and Vyper experience. The company was recently ranked 14th in Paradigm CFT 2022. Clients include LIDO, 1INCH, and Yearn.Finance, and it’s easy to see why, after the company was able to save other blockchains and users from losing funds.

For more information on Statemind.io or to request an audit, please visit the official website.

Disclaimer: This is a sponsored post brought to you by Statemine.

Posted in: Sponsored by Technology



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