Background
- On March 29, 2022, the blockchain project Ronin was hacked, and about $600 million in cryptocurrency was stolen.
- On April 17, 2022, the algorithmic stablecoin project Beanstalk Farms was hacked, and the hacker made nearly $80 million.
- On June 24, 2022, Horizon, the cross-chain bridge between Ethereum and Harmony, was attacked, causing a loss of about $100 million.
With the development of blockchain technology, a growing number of hacking incidents which led to significant loss of crypto assets affected the industry’s healthy growth and the investors’ confidence. Because of some smart contract code errors, cases of theft abound.
What Is a Smart Contract? Why Do Smart Contracts Need Security Audits?
A smart contract is a computer program representing business logic deployed on a blockchain network. Once triggered, the contract cannot be changed or stopped. A seemingly simple bug in a smart contract can break the entire protocol and drain its funds. In the last two years alone, vulnerabilities in smart contracts have cost investors billions of dollars in losses. Through auditing, most smart contract loopholes can be detected and fixed.
How to Choose a Technically Competent Smart Contract Security Audit Company?
No.1 Beosin
Beosin is a Web3 Blockchain security company headquartered in Singapore, with engineering talents hired from top universities and leading technology companies globally. There are 100+ team members, and 85% are engineers and security analysts, including dozens of them being formal verification and blockchain security experts. Its business covers a full range of blockchain security products and services, including Smart Contract Security Auditing service, Project Risk Assessment and Notification service, and Digital Asset Recovery service. It has provided security audit and risk alert services to over 2,000 projects and 100 major blockchain platforms globally.
According to rekt.com, an authoritative third-party leaderboard reporting fund losses caused by smart contract attacks, none of Beosin’s audited smart contracts has suffered any losses from security attacks. In contrast, many did. That shows high-quality audit work performed by Beosin’s security audit team.
Why Choose Beosin?
Advantage one: “Formal Verification Technology” Makes Smart Contract “Invulnerable” and Scares Hackers
Formal verification is one of the most rigorous methods used for code security audit, and its effectiveness has been proven in fields like aerospace, military, etc. It has great potential in the blockchain and smart contracts security audit business. Based on “mathematical reasoning”, it can accurately prove whether the code has security vulnerabilities and effectively solve the challenges when testing relies heavily on human experience and has inexhaustible test paths.
A distinguished security expert in Beosin told us: ” An innovative hybrid formal verification engine plays a key role in Beosin’s ability to provide high-quality security audit. It can automatically detect, test, and verify smart contracts with high coverage of test scenarios. It uses a smart contract security problem library and reusable security attribute invariants developed through many years of security audit projects.”
Advantage two: Beosin VaaS, which uses ” formal verification and other security technologies”, is the first line of defense against hackers.
As the leading company in blockchain security, Beosin’s founders are one of the earliest adopters of formal verification technology in the security audit field. Combined, they have more than 20 years of experience in formal verification technologies. The team has developed Beosin VaaS, SaaS-based security detection and verification platform incorporating formal verification, fuzzing, and other technologies.
VaaS can automatically discover hundreds of security and business logic vulnerabilities in any smart contract with “one-click”. It can identify the location of problematic code and provide professional suggestions on solutions for issues identified with 97% accuracy. The tool can be used to help developers improve their code security.
Advantage three: Rigorous security audit process to build a strong security line of defense.
Beosin’s auditing service supports multiple blockchains, including Bitcoin, Ethereum, EVM compatible chains, Solana, NEAR, etc. Beosin can audit all types of smart contracts on any blockchain with a rigorous 5-step process. The five steps are 1) Understand and discuss the project requirements with the project owner, 2) Analyze the source code with an automated formal verification tool, 3) Manually review the code by security engineers, 4) Share and discuss the initial audit report with the project owner 5) Review the code again and delivery the final audit report after the project owner submits its fixes. Each audit project will be assigned to at least two security engineers to minimize human errors and cross-check the findings. In the audit report, each bug has a description, the method of recurrence, severity, suggestions for fixing, etc. In Beosin’s auditing service, we are not only identifying the problems, but more importantly, we work with and help our customers to understand and fix the issues. This is how Beosin differentiates itself from other code auditing companies.
Advantage four: The audited project will be registered in the EagleEye system, providing customers 24X7 risk monitoring and notification services.
The audited project will be registered in the EagleEye system for free. Beosin EagleEye is a Web 3.0 security service that protects crypto assets 24X7 through multi-dimensional project security assessment, continuous smart contract scanning and assessment, real-time risk transaction identification with behavior analysis, and crypto address monitoring with early warning capabilities. With EagleEye, users can explore a project’s security status in detail, search for identified risk transactions, assess and understand overall security sentiment with the information compiled from trusted websites and social media accounts, and set up crypto addresses for security monitoring and risk alert.
Powered by Big Data and AI, EagleEye identifies an abnormal transaction by analyzing the historical transaction behavior of each address involved in a transaction and comparing the behavioral characteristics of both abnormal and normal transactions. Unsupervised machine learning models with feature engineering methods are also deployed to identify various transaction risks in real-time adaptively. It has the following advantages: accuracy in identifying security risks, comprehensive coverage of security models, multi-chain supports, etc. EagleEye can provide early warnings on flash loan attacks, arbitrage transactions, and asset theft attacks.
Advantage five: Experienced Beosin team, widely praised by its partners.
Beosin smart contract audit covers asset security audit, business logic audit, backdoor audit, flash loan attack audit, arbitrage attack security audit, reentrancy attack audit, function call audit, code specification audit, etc. Beosin’s audit report will contain details of any identified vulnerabilities, severity, and recommendations. The severity has five levels: Critical, Major, Medium, Low, and Info. Analytic charts are presented to offer visual insights into findings and the distribution of vulnerabilities in the project.
Beosin has extensive partners in the Blockchain, DeFi, and Web3.0 ecosystems, which include Binance, OKX, Huobi, Uniswap, Polkadot, ONT, CRUST, Qitchain, AELF, Pancake, etc. Beosin is trusted by the market and widely praised by its partners for its services.
There are many security audit companies with various qualities. It is critically important to project owners to find a security company with a proven track record, in-depth experience in blockchain and smart contract security space, deep technical bench, quick response, and superior customer service. Beosin is a leading Web3 security company. Therefore we highly recommend Beosin.
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