Monday Mar 13, 2023

Everything You Need To Know About Smart Contract Audits

Everything You Need To Know About Smart Contract Audits

Chainalysis recently reported that 2022 was the biggest year ever for crypto hacking with $3.8 billion stolen with the majority of the funds coming from DeFi protocols and it begs the question, why isn’t there better cyber security for these projects?

This is the exact reason we brought in our next guest, David Schwed (Chief Operating Officer of Halborn), who sat down with Ian Andrews (Chief Marketing Officer, Chainalysis) and explained everything we need to know about smart contract audits and why projects shouldn’t solely be relying on these audits as part of their cyber security functions. 

David gives us expert insights into proper key management and explains the vulnerability of bridge hacks and the need for decentralized projects to prioritize cyber security instead of making it a secondary thought, especially with escalating crypto hacks. 

Minute-by-minute episode breakdown

  • (2:05) – What is Halborn and why should security be built into projects foundationally from the beginning?
  • (5:35) – The Origin Story of David Schwed: From Technologist to Law to CISO
  • (8:45) – The importance of smart contract audits and prioritizing security
  • (17:25) – What role does key management play for projects that are protecting digital assets
  • (24:45) – Creating simulated environments to test smart contract code
  • (29:25)) – Are the vulnerabilities of bridge hacks and cross chain exploits solvable?
  • (33:55) – Web2 Infrastructure vulnerabilities in DeFi and what projects are doing it right?
  • (37:25) – What are TWAP oracles and what are the vulnerabilities with projects using them

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Speakers on today’s episode

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