According to a Medium blog published by CertiK, blockchain is prone to hacking. Over $ 2 billion have been stolen as a result of attacks on Smart Contracts based on the blockchain technology. In one of the most well-known examples, the hack of a major crowdfunding project, The DAO, resulted in losses of over $50 million USD.
Over a period of time the thing that keeps coming up for discussion is the security aspect in the blockchain arena and there has been a rapid rise in cases of hacking. This has dented the confidence of investors in blockchain and reduced confidence within the community.
However, they believe that the community have been working diligently towards mitigating risks and restoring users’ confidence in this evolving technology.
As mentioned in the blog, the leading block explorer for Ethereum, Etherscan recommends 17 audit service providers among which CertiK is one.
Continuous monitoring is the way to go
The post also talks about the recent launch of its CertiK AutoScan Engine [CASE], a high-performance smart contract auto-detection engine. In a three-hour long inspection on Etherscan the company was able to study top 500 tokens in the market.
The analysis revealed that 53 of the tokens were impacted with severe security loopholes, comprising a total market cap of 40 million.
CertiK believes that the best way to prevent attacks on smart contracts is by proper monitoring and vigilantly preventing commonly known attacks. They believe that this can be achieved with AutoScan.
“CertiK’s latest product, ‘AutoScan,’ equips cryptocurrency exchanges with the ability to continuously monitor the tokens listed on their platforms. Issues are prevented before smart contracts are deployed into the main networks.”
CertiK is planning to reach out to crypto exchanges in the future and ask them to integrate its AutoScan service for regular checking and monitoring.
Interestingly, Binance’s CEO, CZ tweeted about the project on 31st August stating that it was “cool.” Almost immediately CertiK responded:
“Thanks Mr. Changpeng, we look forward to integrate AutoScan with Binance’s exchange platform! @binance @BinanceLabs #CertiK.”
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