There are dangers associated with smart contract technology. With millions of DApps deployed on dozens of blockchains, some people intentionally engage in harmful activities to the community. These malicious activities are only possible when vulnerabilities exist in the smart contract code. Most hacking incidents are due to the lack of proper auditing of smart contracts.
DeFi platforms are a prime hunting ground for cryptocurrency thieves and hackers as the cryptocurrency hacks accelerate. During the first four months of 2022, $1.57 billion worth of cryptocurrencies were stolen, surpassing the previous year's value.
Protecting users' and investors' funds is more crucial than ever, and Callisto Network Security Department offers its experience in providing the most efficient and affordable auditing service in the industry.
The term "smart contract" refers to a software code or protocol used to provide assistance in negotiating, verifying, and executing an agreement. Smart contracts are fully programmable and can be automatically triggered, allowing for reliable transactions without any external third party.
Smart contract programming is a relatively new field, lacking security standards, documentation, and best practices. Consequently, developers may overlook the importance of auditing their smart contracts before launch.
In this context, smart contract hacks are on the rise, and with the advent of DeFi platforms in the 2020s, the number of hacks has skyrocketed as some bad actors take advantage of developers' negligence.
An error in the code order (as in the DAO hack) or an initialization omission (as in the Parity Freeze) can lead to a disaster that will be immortalized on the blockchain.
In the first four months of 2022 alone, the value of funds stolen via smart contract hacks already exceeds the total for the year 2021.
Despite the widely prevalent belief, a smart contract is not secure by nature. As a piece of code, it is as prone to bugs and flaws as any program.
Any contract intended to receive funds should be audited before deployment.
The idea for Callisto Security Department emerged after the DAO hack, which led to the Ethereum fork. The DAO hack resulted in the loss of millions of dollars and resulted in the creation of Ethereum Classic. Being an active contributor to Ethereum, Dexaran, founder of the Callisto Security Department, followed the hack closely and saw the deficiencies that led to the most famous hack in cryptocurrency history.
Callisto Security Department consists of a team of seasoned professionals with a common goal: to reduce the risks and vulnerabilities of smart contracts to drive the adoption of programmable blockchains.
As part of the audit process, auditors ensure that the smart contract behaves as intended by considering all logical permutations and possible exceptions and the rigor of its implementation. Our audit process primarily relies on manual review and analysis, as we believe that solely relying on automated tools for formal verification cannot provide sufficient security for critical systems and DApps.
An audit is a fundamental requirement for a project to be considered secure and ready to receive user funds.
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