New auditing firm Statemind debuts by flagging third-largest DeFi vulnerability, saving over $350 million from avalanche

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DUBAI, UNITED ARAB EMIRATES, September 16, 2022 /PRNewswire/ — Statemind, a leading blockchain security auditing company, has announced that it is now live. The start of the launch of the new company coincided with a major splash in the crypto industry. Statemind discovered a critical vulnerability and averted damage estimated at over $350 million, and would have been the third largest DeFi hack in history according to rekt rankings.

Statemind discovery has spread through the 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 results anonymously via ImmuneFi.

Precompiled contracts are a compromise used in 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 has stepped forward to claim the discovery. The development community expressed their gratitude to Statemind for saving each blockchain its reputation – and large sums of money.

Avalanche Vulnerability Worth $350M+ Is Third Highest in DeFi History

Avalanche victims include Abracadabra with $300 million in MIM tokens and another $3 million in user funds; Nereus Finance with nearly $60 million in NXUSD tokens; and $100,000 in funds from SUSHI loans. An unknown impact related to the Boba network is still being calculated as damage is assessed.

Due to the significant complexity and associated losses avoided, the vulnerability is ranked third in DeFi history compared to damage caused by similar vulnerabilities. Statemind is proud to have helped protect the cryptocurrency community and ensure the highest code standards in the industry.

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

About Statemind

Statemind has over 100,000 LoCs of Solidity and Vyper experience. Combined, the blockchain security audit firm has secured over $10 billion in TVL.

To learn more about Statemind, visit the website or follow Statemind on Twitter.

contacts:King Eezzy, [email protected]Alsu Irkabaeva, [email protected]


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SOURCE Mindset