Dyma Budorin, CEO of Hacken, a smart contract review firm, thinks the Web3 cybersecurity provider is failing in the crypto industry and that the “big blind spots” in its marketing practices are affecting investor behavior.
Budorin believes that the lack of accountability and transparency in the audits that many service providers carry out are just that. This leads to a lack of confidence in users and projects.
Currently, smart contract auditors are not liable if validated tokens are hacked. due to a bug in the code And most of the biggest hacking incidents this year have occurred in third-party reviewed projects.
Budorin said this made him uncomfortable. As it relates to the growth trajectory of Web3’s cybersecurity industry, it lags behind whatatNot Crypto, According to Hacken
Web3 reviewers dig deep into the token’s code to find a variety of violent threats, which don’t assess other factors such as the viability of the business model. team experience, etc.
“They lack testing. responsibility and transparency in cryptocurrency rankings.”
Budorin said, “No company currently offers Web3 cybersecurity that offers a monthly double-check,” and goes deeper into the project.
“Right now, the best market practice is to get the tokens validated. And that’s all there is.”
Budorin uses bridge tokens as an example to illustrate the dangers of the industry without detailed verification mechanisms, where two of the largest crypto hacks of 2022 took place on Axie Infinity’s Wormhole and Ronin Bridge tokens. which lost a total of $920 million.
In addition to the obvious flaws in the code, Budorin said that token bridges further demonstrated “token bridges.” How can “many blind spots” in cybersecurity because “There is no way of knowing who was in charge of the key. Who created the new token? if the tokens are properly associated and so on without transparency.”
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