New Auditing Firm Statemind Makes Debut By Reporting DeFi

New Auditing Firm Statemind Makes Debut By Reporting Third-Largest DeFi Vulnerability, Saving Avalanche $350M+

PRNewswire

September 19, 2022

Statemind, a leading blockchain security auditing firm, announced it’s now live. The debut of the new company launch coincided with a major splash across the crypto industry. Statemind discovered a critical vulnerability and prevented an estimated $350M+ in damages, and would have been the third-largest DeFi hack in history according to rekt leaderboard.

Statemind Discovery Spread Across Crypto Development Community

After an independent review of custom precompiles in some of the most popular cryptocurrency protocols, Statemind discovered a critical vulnerability and immediately reported the findings anonymously through ImmuneFi.

Precompiled contracts are a compromise used in the EVM to provide more complex library functions that are not suitable for writing in opcode. They are usually used for complex operations such as encryption, hashing, etc.

Due to demand from the cryptocurrency community, Statemind stepped forward to claim the discovery. The development community expressed gratitude to Statemind for saving each blockchain its reputation – and large sums of money.

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Avalanche Vulnerability Worth $350M+ Is The Third-Largest In DeFi History

Victims across Avalanche include Abracadabra at $300M worth of MIM tokens and an additional $3M in user funds; Nereus Finance with nearly $60M in NXUSD tokens; and $100K in funds from SUSHI lending. An unknown impact related to the Boba Network is still being calculated as damages are assessed.

Due to the significant complexity and associated losses prevented, the vulnerability is ranked the third-largest in DeFi history when compared to the damages done by similar vulnerabilities. Statemind is proud to have contributed to protecting the cryptocurrency community and ensuring the highest standards in code across the industry.

With proactive code review, blockchain security auditing can save blockchain developers substantial headaches and costs. Current Statemind clients include LIDO, 1INCH, and Yearn. Finance. Users can rest assured that the client’s code is clean of any critical issues and that funds are safe.

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