Coinbae Security Audits
Tags: Ethereum, Smart Contracts, Defi, Cryptocurrency, Smart Contract Auditing

Coinbae Security Audits

Coinbae security audits aims to mitigate security risks with high quality yet affordable smart contract audits. CoinBae Follow Dec 15, 2020 · 3 min read

Coinbae security audits.

2020 and what it means for crypto

With the rise of decentralized financial infrastructure (DeFi) and billions being poured into the industry during 2020, so too has there been a rise in attacks on the smart contracts that they rely on. Hackers look for errors, flash loan attackers exploit flaws and even more unsettling; the infamous rug pull. Anonymous teams exploiting eager investors that don't want to miss out on the hype and opportunity intentionally create backdoors in their contract through which they can syphon the invest coins. These were not isolated incidents, they seemed to be the norm with big and small DeFi projects succumbing to one or another attack, hack, exploit or simply a rug pull.

What has become evident is that there needs to be a better way to build trust in the contracts users are investing in.

Make smart contracts safe again.

Why aren’t contracts audited?

If we have a quick look at market data providers like coingecko.com and Coinmarketcap.com(CMC), we will notice that there is a lack of audit reports on many yield farms for example, with CMC not reporting on the status of audit reports all together(at the time of this writing). What is notable on the contracts listed by Coingecko is a relative lack of audits with only a few having audits and most yield farms coming out without a audited pool for months prior to getting their deployed contract audited. Projects that do attract large amounts of investors eventually do get their contract audited since it is seen as a stamp of approval. This begs the question however that if audited contracts are advantageous to projects since it inspires confidence; why not didn't they audit the contract prior to launching and starting a marketing campaign?

After consulting various projects about their hesitance to audit their smart contracts Coinbae came to the conclusion that for the majority of Defi projects, the price point for a security audit is simply unattainable given that many projects in the Defi space for example have multiple contracts, making the expense even more burdensome.

The nature of Defi is a peculiar one. On the one hand a truly decentralized financial system that is free from borders, strings or oversight, one that allows anyone from anywhere to participate with the click of a button. And fostering the creativity needed to do so sometimes does require anonymity, the very nature of Bitcoin’s inception was not dissimilar. However, this also poses risks and ultimately most people don’t have the time or knowledge to scrutinize every new contract when making an investment decision.

Coinbae contract audits

Given the current situation and the evidence at hand Coinbae proposes a solution that does not raise the bar of entry for creative blockchain thought and innovative projects. Instead it gives new and rising projects the opportunity to get their contracts audited whilst at the same time creating a layer of trust for the user.

Coinbae team.

The team.

Coinbae’s team consists of a number of cryptocurrency and security specialists. Coinbae security’s team lead, Eelko Neven, has more than 12 years’ experience as a professional security auditor/code reviewer and performed over 1500 audits, among them Google, Twitter and General Electric.

For inquiries: info@coinbae.org

For a full list of our audits please visit:

www.coinbae.org/audit/

https://twitter.com/Coinbae