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Statemind saving crypto corporations $650M exhibits trade why blockchain audits matter – Cryptospacey

Statemind saving crypto corporations $650M exhibits trade why blockchain audits matter – Cryptospacey

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Over the past few days, a massive investigation was launched into an anonymous white hat tip that miraculously saved a number of high-profile crypto protocols from significant losses of $650 million and counting. The neighborhood eventually discovered that the hero of the story was blockchain security audit agency Statemind.

The company is relatively new, but its impact on cryptocurrency trading is already widely recognized and appreciated. The latest situation can be a real example of why blockchain auditing companies are so important and can undoubtedly save companies from tens of millions in damages.

Here is every part that is recommended to know about the latest blockchain vulnerability in Avalanche, SushiSwap, Abracadabra and different protocols. We even spare more affection for Statemind itself.

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

Across the crypto space, the most popular protocols are repeatedly bombarded by hackers looking for bugs and various backdoors in the underlying code that can be exploited for private acquisitions. These superior hackers know that these blockchain networks have tens of millions, even billions in total assets at stake, making them always a valuable target.

The shipping code must be clean of all vulnerabilities, or else someone will find it. In the latest case of Statemind and a handful of high protocols in the cryptocurrency neighborhood, it was fortunate that the blockchain security audit agency discovered a crucial pretranslation vulnerability earlier than a malicious actor.

Otherwise, the estimated damages would have been over half a billion {dollars} or at least $650 million. However, overall damage estimates are on the rise because the state of affairs has been fully assessed. Not only did Statemind prevent huge losses across the crypto space, but they didn’t even look up credit scores for it and submitted the tip anonymously to ImmuneFi.

Statemind steps forward after protracted crypto group investigation

Not content with not being able to figure out who the tipper was, the builders took to the crypto-Twitter realm and started looking for solutions. In an effort to be transparent, these influencers began sharing their findings of vulnerability on social media and in printed post-mortems that talked about what went wrong.

In the end, Statemind came through, and the affected blockchain builders expressed their deepest gratitude. It has additionally elevated Statemind to the pinnacle of the entire crypto trade as a hero and a brand new audit firm that is clearly worth listening to.

Blockchain auditing companies have become increasingly important as blockchain protocols grow more difficult and a lot of money can be at stake. Joint auditing and code review may come with a price up front, but it can save crypto companies and their clients a fortune if and when something goes horribly wrong.

Learn more about Statemind Blockchain Security Auditing

Statemind.io is a leading blockchain security auditing firm with over 100,000 LoCs Solidity and Vyper expertise. The company recently placed 14th here in the Paradigm CFT 2022 competition. Buyers are taking on LIDO, 1INCH and Yearn.Finance, and it’s simple to see why after the company was able to rescue various blockchains and clients from lack of funds.

To explore Statemind.io or request an audit, please visit the official website.

Disclaimer: Statemine has sent you a sponsored post.

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