Top Web3 Security Auditors

In the ever-changing Web3 landscape, security auditors are crucial in ensuring decentralized systems' integrity. They use rigorous methods to identify and fix potential risks, providing a vital layer of defense for Web3 projects. But what exactly is a security auditor?

A Web 3 security auditor is a trusted entity responsible for evaluating and improving digital systems' security. They use advanced techniques to find vulnerabilities, assess code integrity, and enhance the security of decentralized applications (DApps) and blockchain platforms.

According to Chainalysis, cryptocurrency platform hacks resulted in $1.7 billion worth of cryptocurrency being stolen in 2023, marking a significant decrease from previous years despite an increase in the number of incidents.

Now, let's explore top Web3 security auditors and their unique approaches.

MixBytes

MixBytes has been providing audit services since 2017. To date, it has conducted more than 200 audits for more than 50 different protocols. AAVE, 1inch, Curve, Clearpool, Fantom, Mantle Network, Yearn Finance, and Lido are just a few protocols to mention. You can find a full portfolio in MixBytes GitHub .

MixBytes' core expertise is auditing smart contracts written in Solidity and Vyper languages and running on EVM-compatible blockchains.

MixBytes Methodology

MixBytes tends to build long-term cooperation with clients, so it offers the following terms. The original team stays small and doesn’t draw much in headcount, which allows them to maintain a high quality and perform diligent manual audits.

Dedicated team

For each project, they are allocating a team of 3 full-time senior auditors who work exclusively with the project within the allotted period. They also assign a CTO to be a QA supervisor for each project.

In all subsequent audits, MixBytes tends to allocate the same auditing team with relevant experience, so that the customer’s onboarding process takes less time.

Manual hacking

During the first phase of the interim audit, each audit team member manually examines the customer’s source code, tests, and documentation by using MixBytes’s internal methodology. Where it is necessary, various code analysis tools are also used.

It is important to note that during the audit, all MixByte team members tend to think exactly like white hackers. They constantly invent new attack vectors to find all possible vulnerabilities, including the most non-trivial ones. Also, the team uses an internal vulnerability checklist, which they methodically collect throughout the company’s existence.

Mainnet contracts certification

After the customer introduces all possible fixes, the MixBytes team verifies the mainnet deployment addresses of the contracts against the code of the audited contracts. If all matches, they issue a final certified report.

CertiK

CertiK, founded in 2017 by Ronghui Gu, Zhong Shao, and Jie Li, is a renowned smart contract auditor specializing in securing the Web3 world. CertiK has audited over 3500 projects, including Terra, Binance Smart Chain, Injective Protocol, PancakeSwap, Terra, Aave , SandBox, ShibaSwap, and Polygon ensuring their security and integrity.

Methodology

Formal Verification as a Core

CertiK's formal verification framework checks every possible way a smart contract could run, ensuring it's secure. They use math to prove the code is correct and safe from bugs or attacks. This thorough process gives strong confidence in the contract's security.

Hybrid Approach

Formal verification is central to CertiK's methodology, complemented by manual code review and dynamic testing. This comprehensive approach combines automated analysis with human expertise to identify and mitigate potential risks effectively.

ConsenSys Diligence

ConsenSys Diligence, founded in 2017 by Ethereum co-founder Joseph Lubin, serves as the auditing arm of ConsenSys, leveraging a vast network of Web3 developers, experts, and communities. ConsenSys Diligence has audited over 150 projects across various Web3 platforms, including notable projects like Uniswap , MakerDAO, and Yearn Finance , among others, ensuring their security and reliability.

Methodology

Risk-Based Framework

ConsenSys Diligence prioritizes risks relevant to the project, optimizing audit resources to focus on critical vulnerabilities. This approach involves a thorough risk assessment to tailor the audit process to each project's specific needs and potential threats.

Formal Verification Techniques

While not solely reliant on formal methods, ConsenSys Diligence strategically leverages them for high assurance. This involves employing formal verification tools and techniques to verify smart contracts' correctness and robustness against potential attacks.

SlowMist

SlowMist, established in 2018, excels in providing holistic security solutions for the entire blockchain ecosystem with a focus on the Asian market.SlowMist has audited over 100 projects within the Web3 ecosystem. Notable projects audited by SlowMist include Tron, Huobi Global, and Ontology, showcasing their dedication to securing prominent platforms in the Asian blockchain market

SlowMist Methodology

Hybrid Approach

SlowMist combines automated tools with manual code review to ensure comprehensive coverage of security vulnerabilities. This approach integrates automated scanning and analysis with human expertise to identify known vulnerabilities and potential emerging threats.

Dynamic Testing

Focusing on fuzzing and penetration testing, SlowMist's methodology helps unearth real-world attack vectors and weaknesses in blockchain projects. This dynamic testing approach simulates various attack scenarios to evaluate the resilience and security posture of audited systems.

Conclusion

In the dynamic Web3 world, security auditors act as vital protectors, strengthening decentralized systems against potential threats. The careful methods they use, as seen in CertiK, ConsenSys Diligence, and SlowMist, form the foundation of trust. These auditors continuously improve, showing their dedication to staying ahead of risks. As we navigate the complexities of Web3, their role is essential, ensuring a safe base for innovation. In this decentralized realm, the auditors' resilience is key for a future where trust and progress come together.

Embark on a journey with the guardians of the Web3 realm, where the symphony of security resonates within the world of decentralized innovation.

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