Dyma Budorin believes the cryptocurrency industry would be much safer if smart contract auditors took responsibility for the code they audit.
Dyma Budorin, CEO of smart contract audit firm Hacken, thinks Web3 cybersecurity vendors are failing in the cryptocurrency industry and that “huge blind spots” in market practices are impacting behavior. investors.
Budorin believes that a lack of accountability and transparency in the audits many vendors perform fails to reassure users and projects.
Currently, smart contract auditors take no responsibility if a token they audited is hacked due to a bug in the code. Disturbingly, most of the biggest hacking events in 2022 happened on projects that were audited by third parties.
In a call with Cointelegraph on April 27, Budorin said it made him uncomfortable as it jeopardizes the growth trajectory of the Web3 cybersecurity industry which is already lagging far behind non-cryptocurrency equivalents according to a report. from Hacken.
Web3 auditors dig deep into a token’s code looking for threats of varying severity. These audits do not assess other factors such as the viability of a business model, the experience of the team, etc.
Budorin explained that “listeners have a big responsibility” which is ignored because the money is coming in and there is no public outcry for better products. However, for him, the services they provide are inadequate, as he says
They lack testing, accountability and transparency in cryptocurrency ratings.
Even in the rare case that a project would want a more robust audit, they would not be able to get it from cybersecurity companies in Web3, as Budorin says “currently in Web3 cybersecurity, no company offers recurring audits which occur monthly and go into much more depth on the project.
Right now, the best practice in the market is to get a token audit and that’s it.
Budorin used token bridges as an example to demonstrate the dangers of an industry without thorough auditing mechanisms. Two of the biggest cryptocurrency hacks so far in 2022 took place on Axie Infinity’s token Wormhole and Ronin Bridge, which lost $920 million.
Although hindsight is still 20/20, it’s likely that a full audit of any of the bridges that have been hacked this year, including Wormhole, Ronin Token Bridge, Qubit’s QBridge, and Meter’s Meter Passport, could have avoided the disaster.
In addition to the apparent bugs in the code, Budorin said the token bridges further illustrate how there is “an enormous amount of blind spots” in cybersecurity because “there is no way of knowing who is responsible. keys, who hits new tokens, whether the tokens are correctly bridged, and so on without transparency.
Budorin believes that for the Web3 cybersecurity scene to truly change, it is partly up to retail investors. According to him, more transparency with reliable information from responsible sources “requires a paradigm shift on the part of cryptocurrency investors”, who tend to invest in trendy projects.
This change could be triggered by greater availability of information from in-depth audits of entire projects that consider team, platform features, and other technical aspects rather than just the token.
Currently, data aggregators CoinGecko and CoinMarketCap are the preferred outlets for investors to find project information. However, Budorin says these platforms are flawed because “projects manipulate their data” to show very high or very low market caps. He thinks that will eventually change as listeners evolve to fill the negative space.
When there is more effective information about the liability of blockchain companies that issue a token, [investors] will start comparing fundamentals rather than hype.
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Lack of transparency among project auditors is a big problem: Hacken CEO | Cryptocurrency
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