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How Chainsulting Is Securing the DeFi Industry via Smart Contract Auditing

redfly.eth

Published

3 years ago

on

The rise of blockchain technology has opened the curtains for new opportunities, including decentralized finance (DeFi) applications governed by smart contracts. These protocols leverage decentralized networks and cutting-edge tech to bring innovative financial services to the masses.

By eliminating middlemen such as banks, DeFi projects bring lucrative earning opportunities and enable anyone to participate in traditional financial activities. These platforms provide for example, decentralized lending/borrowing access that benefits millions of unbanked folks worldwide.

Moreover, investors seeking huge returns find the DeFi sector very attractive, as it offers high-interest rate savings unmatched by traditional financial institutions. 

Unfortunately, the colossal total volume locked (TVL) in DeFi has brought several security concerns. Users have lost billions of dollars to cybercriminals targeting various platforms, spooking potential investors looking to jump onto the DeFi bandwagon. 

Part of the problem facing the fast-growing DeFi industry is that it lacks top-quality smart contract checks that could prevent cybercriminals from exploiting vulnerabilities on popular protocols.

As a result, cybercriminals have had great success targeting DeFi applications and siphoning billions in crypto funds to their private wallets.

A Look at Recent DeFi Hacks

DeFi gained traction in the summer of 2020, offering revolutionary lending products and huge returns but eliminating any involvement from intermediaries.

Since then, growth in the sector has taken place at lightning speed, with TVL in various protocols now surpassing $90B, per data from DeFiPulse. There are currently over 200 projects utilizing the blockchain and smart contracts to offer users unparalleled financial services.

However, success in this exciting and fast-moving sector has attracted bad actors looking to infiltrate DeFi code and siphon investor funds.

One of the most notable DeFi attacks dubbed the ‘biggest crypto heist‘ ever took place on November 19, 2021. Hackers exploited a loophole in Poly Network and stole $600M in digital assets.

More recently, in December of 2021, malicious actors struck again, targeting the popular DeFi protocol BadgerDAO. In this incident, hackers made off with over $120M in crypto, prompting Chainalysis to investigate the breach along with financial watchdogs from the US and Canada.

Unfortunately, these are not isolated smart contract breaches. As recently reported by CryptoSec, overall losses caused by DeFi exploits have amounted to $1.7 billion, with 75 protocols succumbing to the menacing threat of cybercrime.

Chainsulting Brings Excellent Security Solutions to DeFi

Chainsulting is a professional software development firm based in Germany that provides comprehensive distributed ledger technology (DLT) solutions. Some of their services include blockchain development, smart contract audits, and consulting.

One of the firm’s main goals is to develop tools and provide services to ensure every blockchain project is secure. They are determined to tackle the issue of continuous DeFi exploits that threatens to deter potential investors from putting their hard-earned cash into the blockchain and crypto economy.

So far, the lack of proper smart contract audits has seen multiple DeFi protocols fall victim to devastating hacks that have led to heavy losses. Per a report by blockchain tracing and security firm Ciphertrace, last year was overrun by numerous DeFi attacks that accounted for half of all the hacking incidents in the crypto world.

Chainsulting seeks to root out bugs and other vulnerabilities used by insidious cybercriminals to infiltrate DeFi applications. They have a proven track record of delivering customized security solutions with German technology that empower multiple DeFi and blockchain projects to maintain investor trust and gain a competitive advantage in the sector.

The firm conducts code audits for market-leading blockchains such as Hyperledger, Tezos, Ethereum, Binance Smart Chain, and EOS to mitigate risk and instill trust and transparency into the vibrant crypto community. They also review and secure the smart contracts of DAI, 1Inch, POA Network, Unicrypt, among numerous other top DeFi and crypto projects.

Chainsulting currently secures $100 billion in user funds locked in multiple DeFi protocols. The team behind the leading audit firm relies on their robust technical know-how in the blockchain sector to deliver top-notch smart contract audit solutions tailored to the clients’ evolving business needs.

The blockchain security provider brings the highest security standards to crypto and blockchain platforms, helping to foster growth and transparency within the fast-growing ecosystem.

The Chainsulting Smart Contract Audit Process

Chainsulting boasts over four years of experience in smart contract audit and has delivered reliable security solutions to more than 420 clients.

The company’s audit team composed of Germany’s top blockchain and digital assets experts leverages its domain-specific expertise to conduct smart contract audit tactics that differ from those deployed by other audit firms. 

A code review by Chainsulting includes an Automated Vulnerability Test (HoneyBadger, MythX, Mythril, Oyente, Slither, Solhint) and thorough Manual Security Testing (SWC-Registry, Overflow, etc.). The auditing process also integrates a Gas Optimization and Coding Conventions Check, as well as thorough Function and Logic testing.

The blockchain security startup uses a real-time communication tool to connect with the project dev team and provide suggestions on how to remedy bugs and inefficiencies discovered during the audit process. The team also offers assistance to the token developers in applying the necessary fixes. 

They then deliver a comprehensive report documenting the audit steps and recommendations. Finally, Chainsulting provides a Certificate of Compliance that reassures all DeFi users that the project is fully vetted and safe. 

The leading blockchain auditor has done many notable audits for some of the most prominent crypto projects in existence. The team posts transparent audit results on their social media, GitHub, and Website, confirming that a given project’s code is fully secure and ready to go live. 

Conclusion 

Over the past few months, a spate of high-profile DeFi hacks has led some to refer to the young sector as the ‘Wild West’ of cryptocurrencies.

This year has seen some of the biggest crypto thefts in history. Increasingly sophisticated heists on dozens of top DeFi protocols highlight the need for project backers to adopt higher security standards to protect the integrity of the entire blockchain industry.

Chainsulting has introduced an intuitive smart contract auditing process that integrates elaborate steps to ensure 100% test coverage on all DeFi projects. This radical approach helps these decentralized protocols conquer the investors’ trust, propelling the nascent crypto space to greater heights.

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Press Release

Web3 Innovation and Transformation: InnoBlock 2024 Held by ABGA and BBS

Team Bitcoin Daily

Published

4 days ago

on

September 17, 2024

By

3 Days to Go! InnoBlock 2024 is About to Kick Off!

Web3 technology is leading a global technological revolution, propelling the internet industry into a new era of profound transformation and reconstruction. In this digital revolution, innovation is not only the driving force for the development of the Web3 industry, but also a crucial strategy for its future layout. In response to this trend, ABGA and BBS have teamed up to host a two-day Web3 innovation event, InnoBlock 2024, at Singapore Expo from September 16-17. This event will bring together blockchain leaders from over 20 countries, with nearly 150 industry leaders from top Web3 public blockchains, venture capitals, exchanges, media communities, and renowned projects, all convening to engage in face-to-face discussions with attendees. As of press time, over 5,000 participants have registered across all channels for this summit, fully demonstrating the strong appeal of the event and guest lineup within the industry. InnoBlock 2024 is expected to have a widespread and profound impact on the Web3 industry during Token2049.

Organized by ABGA and BBS, and co-organized by Imagine Creation Combinator (ICC), DePIN X, Parasail, and Metis, this event aims to gather top experts and leaders in Web3 industry to jointly explore the cutting-edge developments and application prospects of Web3 technology, facilitate the integration of innovative achievements into the Web3 industry,  and accelerate the construction of the ecosystem. The event is dedicated not only to empowering the Web3 industry through innovation but also driving further economic development in the Asia-Pacific region. It covers a wide range of topics from industry macro trends to the development and construction of the Web3 ecosystem, attracting hundreds of industry experts and influencers to gather and discuss the limitless possibilities of the Web3 industry.

The event will feature two main stages and an Open Stage. Over the course of two days, the summit’s agenda will showcase 23 keynote speeches, 26 panel discussions, and 3 fireside chats, covering Web3, AI, GameFi, DePIN, and more. Notably, on the morning of September 17th, local time, Stage 2 will host the launch ceremony of the GameFi Quantum Leap: Metis & ABGA Accelerator Program in Partnership with Google Cloud Web3, an initiative jointly initiated by Metis, ABGA, and Google Cloud. This accelerator program aims to guide experienced Web2 teams through the complexities of blockchain and GameFi, providing robust resource support and a dedicated fund of up to ten million dollars to empower startup teams to achieve innovative development and long-term success in the Web3 space.

Furthermore, the Open Stage will present two highly anticipated events: the Miss Universe Singapore InnoBlock Tour and the Airdrop Demoday. The Miss Universe Singapore InnoBlock Tour will stage the integration of the elegance and the future of Web3, while the Airdrop Demoday offers participants the opportunity to interact with top project teams and investors. These activities will further enrich the on-site experience, enhance audience engagement and interactivity, and add even more vitality to the summit.

The following is the agenda of the event:

Since its official announcement, InnoBlock 2024 has attracted significant attention from the industry and garnered strong support from a wide range of partners. Gamp, Seraph, Privasea, GhostDrive, Advertising Time Token (ATT), and Infinitar have come on board as Golden Sponsors, while Footprint Analytics, D’islands, InitVerse, XPIN Network, Alchemy Pay, SafePal, Metay.ai, Seed.Photo, Pika, Allin Exchange, IXO Protocol, JoinCare, AEON, Mumubit, IBIT, Nesa, Moomoo Financial Singapore, XenoBunny, Halfwish, Alien, Beosin, PING, and Mbit Wallet are supporting the event as Silver Sponsors. The AI Exhibition Zone is backed by DeepBrain Chain, DeepLink, DecentralGPT, DRCPad, DBC Capital, and DeepAITalk.

Moreover, MetaEra joins as the Strategic Partner, Web3Labs as the Ecosystem Partner, Dethings as the Primary Media Partner, and Google Cloud as the Cloud Partner. LingoAI and Web3 Alliance (W3A) are serving as AI Guiding Organizations, while Polaris Marketing, Eurasia Blockchain, TONSquare, DuckChain, Crydit, Digitalabs, and the Artificial Intelligence International Institute (AIII) contribute essential support as Partners. Their collective efforts have played a key role in the success of this event.

Speaker list as below:

InnoBlock 2024 will emerge as a pivotal platform for exchange and innovation within the Web3 industry, offering industry experts, investors, and tech enthusiasts alike the opportunity to delve deeply into Web3 technology and its myriad applications. This prestigious event not only showcases the latest advancements in Web3 technology but also provides forward-thinking insights into its future trends.

We eagerly extend a warm invitation to all from every sector to embrace InnoBlock 2024, joining us in an exhilarating exploration of the boundless creative possibilities within the Web3 realm. As Web3 technology continues to evolve, this summit will present the latest industry dynamics and future trajectories. We eagerly anticipate sharing with you the vision of Web3’s future and striving together towards new heights.

About ABGA
ABGA is a groundbreaking club centered around Web3 gaming, backed by renowned institutions within the Web3 industry. By harnessing the collective strength of the Asian gaming industry, we aspire to forge a promising future for the global Web3 gaming sector.

About BBS

BBS.NYC is a blockchain conference organization based in New York, focusing on crypto and cutting-edge technology. We are dedicated to providing entrepreneurs, investors, developers, policymakers, media, and industry enthusiasts with an inclusive platform for sharing ideas, reducing information gaps, exploring potential opportunities, and accelerating global technological advancements.

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Blockchain

CeFi and DeFi Leaders Converge at Exclusive Pre-TOKEN2049 Singapore B2B’s Executive Night

Team Bitcoin Daily

Published

6 days ago

on

September 15, 2024

By

In an era marked by the rapid convergence of traditional finance (CeFi) and decentralized finance (DeFi), the boundaries between these two worlds are becoming increasingly blurred. As the financial landscape continues to evolve at an unprecedented pace, industry leaders are seeking opportunities to navigate this new paradigm and forge meaningful connections.

ChainUp, Singapore-based blockchain solutions company is proud to present the CeFi and DeFi B2B Executive Night, a pivotal gathering for industry leaders and innovators scheduled for September 16, 2024, at CÉ LA VI Singapore, ahead of the Formula 1 Singapore Grand Prix 2024 race weekend. This exclusive Pre-TOKEN2049 event coincides with ChainUp’s 7th anniversary, marking a significant milestone in the company’s journey.

Connect with influential figures and gain insights into the latest trends shaping the digital asset landscape at this exclusive event. Attendees, including founders, CEOs, and top executives from CeFi, DeFi, technology, and investment sectors, will engage in in-depth discussions covering the full spectrum of the digital asset industry. These discussions will encompass the convergence of CeFi and DeFi, institutional adoption, regulatory developments, and the transformative potential of Web3, fostering an environment ripe for innovation and strategic partnerships.

Reflecting on a year of resilience and growth in a challenging market, ChainUp’s COO, Chung Ho emphasized: “This premier gathering not only celebrates our 7th year but also underscores our commitment to driving innovation within the increasingly regulated financial landscape. As ChainUp strategically moves towards the regulated space, we’re excited to connect with industry leaders, share insights, and collectively shape the future of finance.”

The pre-TOKEN2049 CeFi and DeFi B2B Executive Night are joined by co-organizers, B2 Network, a modular Bitcoin (BTC) L2 DeFi ecosystem that introduces B2 rollup to users and developers; Sinohope, a Hong Kong-listed digital asset custody and management service provider; Diamond sponsors Huawei Cloud, a leading provider of innovative cloud solutions that empower business digital transformation; Gold sponsors Odyssey, explore a new era of Memcoins with Odyssey Exchange, eventflo, a data-driven Web3 event management platform powered with FloCoin incentivization, exSat, a groundbreaking BTC docking layer solution that enhances BTC’s scalability; Silver sponsors Pell, a BTC restaking platform build on Omnichain Trust Network; eCloudrover, an AI-centric cloud solutions service provider for business digitalization; Supported by fractl, Blockchain Association Singapore, and Singapore Fintech Association.

For more information and continued updates on CeFi and DeFi B2B Executive Night, please visit ChainUp’s official website event page. Tickets are now available for purchase on our Lu.ma event page. 

About ChainUp

ChainUp, a Singapore-based blockchain tech provider, offers solutions for the future of finance, including white-label exchange softwares, award-winning digital asset custody solutions, and more. With over 1,000 clients and reaching 60 million end-users, ChainUp is a trusted partner for Web3 founders and institutions.

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Press Release

MNT Token Moving Ahead with New Listing on MEXC Exchange

Crypto Chain Wire

Published

2 weeks ago

on

September 8, 2024

By

Mr Mint, an innovative and fast growing decentralized platform in the Web3 world, is excited to announce that MNT token will be officially listed on the MEXC Exchange on 10 September. This announcement is a major step in the evolution of the Mr Mint ecosystem and it makes it possible now to broaden the horizons to an unreached scale growth.

A Strategic Leap Forward

The listing of MNT token on MEXC, one of the world’s top-level exchanges is indicative of Mr Mint’s resilience to dreams of conquering the world and by extension the resources of the ecosystem. With this listing, MNT will reach millions of traders and enthusiasts of the crypto market and hence will have higher liquidity and more trading prospects.

Why Does This Listing Matters?

‘MNT Listing on MEXC Exchange is a major milestone for us and a crucial step for further enhancing the capabilities of users and communities around the world. We have this partnership with MEXC because it complements our goal of bringing blockchain to everyone, – stated Mr. Rahul Bhadoriya, Co-Founder of Mr Mint.’

The MEXC Exchange is well known for its friendly interface, good liquidity, and numerous digital assets. Through MEXC listing, Mr Mint is consolidating its position among convincing players of the cryptocurrency space, thus facilitating more seamless trading of MNT by more users on a diversity inducing agenda.

What Does This Means for the Mr Mint Ecosystem?

  • Improve liquidity: With the MNT listing on MEXC, customers’ liquidity and the speed of exchanges will be increased.
  • World Market: The listing is going to put MNT in front of more people hence fostering brand development and community expansion.
  • Enhanced Trading Activities: Users can participate more in trading pairs and utilize meticulous trading tools by MEXC.

To the Users who make it all possible

On this memorable success, Mr Mint calls all its community members, stakeholders, and authorities who share a passion towards cryptocurrencies to access this new stage of development. More information regarding new trading pairs and this listing event, as well as other promotional actions, will follow to add further benefits to our devoted fans.

Get Ready to Trade MNT on MEXC

Drawing from this, Mr Mint keeps deepening its presence in the world of crypto as it delivers an innovative environment that brings technology and community into a convergence. We seek to build a new society that is decentralized and participatory based on innovation and transparency.

About Mr Mint

Mr Mint is a comprehensive Web3 ecosystem designed to bridge the gap between traditional finance and decentralized assets. It aims to empower users with tools and platforms that facilitate easy access to digital assets, encourage financial literacy, and promote secure and transparent transactions.

For more information about the listing and upcoming events, visit our official website or follow us on social media.

Website: https://www.mrmint.io/

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