Beosin's security audit service is fully upgraded after a new $20 million round of funding

SINGAPORE, Feb. 24, 2023 /PRNewswire/ -- Recently, Beosin, a leading global blockchain security company announced the closing of a new $20 million round of funding. According to the 2022 Web3 Security Annual Report released by Beosin, 48.5% of the 167 attacks that occurred throughout last year were not audited by smart contract security company. After the financing was closed, Beosin made new upgrades to its smart contract security audit service.

In terms of the standardization of the audit process, Beosin upgraded several parts of the audit steps, with a combination of automated code security scanning tools and manual audits by formal verification experts. After completing a round of auditing, Beosin will issue a report on the problems found, submit it to the project and assist in the completion of vulnerability fixes. The report will contain details of any identified vulnerabilities and categorize them by severity (critical, high, medium, low and info) and recommended remediation. Charts are included to provide visual insight into the program and help you understand the source of identified vulnerabilities.

Why are smart contract audits important?

Generally, the codes of a deployed smart contract are visible to everyone, which leads to a situation where hackers examine the codes to find vulnerabilities in a smart contract. What's worse, these bugs are difficult to be fixed quickly due to the immutability of a distributed public ledger. Thus, it is important to find and fix vulnerabilities before a smart contract is deployed. With an audit, a smart contract can greatly reduce its possibility of being hacked because auditing can eliminate its potential bugs and risks in advance.

Where can smart contracts be audited?

Beosin is a global smart contract security firm to offer smart contract auditing services. For its high audit standards, Beosin uses a combination of a formal verification tool Vaas, and security experts to audit smart contracts. There are several important steps in the process of audit. Each step is cross-operated by multiple security experts and its formal verification tool Vaas to avoid human omissions. Projects audited by Beosin will be listed on Beosin EagleEye, the security monitoring, alerting and blocking platform for free, providing 24x7 real-time risk alert.

Up to now, Beosin has already audited more than 3000 smart contracts, among which there was no big vulnerability attack after their audits.

CONTACT: Kristen Ju, market@beosin.com