Top 6 Smart Contract Audit Companies in The World in 2022

On June 24, 2022, Horizon, the cross-chain bridge between Ethereum and Harmony, was attacked with a loss of approximately $100 million.

On April 17, 2022, the algorithmic stablecoin project Beanstalk Farms was hacked, with the hackers making nearly $80 million in profit.

March 29, 2022, Ronin bridge was hacked for over $600 million in cryptocurrencies.

With the development of blockchain technology, more and more hacking incidents continue to affect the industry. Since there are many cases of theft due to bugs in smart contract codes, projects and users have to be more careful, and on the other hand, the role of auditing companies becomes more and more important.

What is a smart contract? Why do smart contracts need to be audited?

A smart contract is a computer program that uses blockchain technology to digitally facilitate, validate or enforce the negotiation or performance of a contract. Smart contracts allow for the validation and execution of trusted transactions without a third party. These transactions are verifiable and irreversible. The code of a smart contract is stored on the public ledger and once triggered, the contract cannot be changed or stopped.

Smart contracts are programmed and deployed to the blockchain. Once deployed, there is no turning back. One small mistake can break the entire protocol and drain the whole pool. In the last two years alone, billions of dollars have been lost due to vulnerabilities in smart contracts. And with auditing, most contract vulnerabilities can be avoided.

How to choose the most tech-competent smart contract auditing company?

When looking for a smart contract auditor, there are a few things you should keep in mind. Some firms are more experienced in auditing smart contracts than others and have the best technical expertise. In the following, we’ve come up with a list of the most technically competent smart contract auditing companies in the world to help you out.

No.1 BEOSIN

Beosin is a Web3 security company in Singapore, with 100+ team members and 85% of them are technical staff. The business covers a full range of blockchain security products and services including smart contract audit, transaction risk monitoring, and stolen asset recovery. Currently, Beosin has provided security audit and defense deployment for more than 2,000 smart contracts as well as more than 100 blockchain platforms around the world. Beosin Tracing has successfully helped clients recover hundreds of millions stolen assets, including funds that went into Tornado Cash.

Most recently, Beosin launched VaaS, a smart contract code verification tool that helps web3 developers quickly and efficiently verify their smart contract code. Their project security monitoring platform, EagleEye, provides 24by7 blockchain security monitoring and notification services. It sends customers real-time security alerts and warnings when it detects risks like hacker attacks, frauds, flash loans, rug pulls through on-chain and off-chain data analysis, and multi-dimensional security assessments.

No.2 CertiK

Founded in 2018 by professors from Columbia University and Yale University, CertiK’s business includes security audits, penetration testing, smart contract scanning, and more, using best-in-class formal verification and artificial intelligence technologies to protect and monitor blockchains, smart contracts, and Web3 applications to provide security solutions for businesses and users in the crypto world.

No.3 Slowmist

Slowmist Technologies is a blockchain security company founded in January 2018. The company was founded by a team with over a decade of cybersecurity experience with the vision of becoming a global team. Their goal is to make the blockchain ecosystem as secure as possible for everyone. Slowmist offers a variety of services, including security audits, threat information, bug bounties, defense deployments, security consultants, and other security-related services without limitation.

No.4 Hacken

Hacken is a cybersecurity ecosystem founded by cybersecurity experts, Four specialists, and white hat hackers. Since its inception in 2017, Hacken has been educating and growing the ethical hacking community and building Web 3.0 cybersecurity startups. They offer a one-stop solution suite of services including smart contract security audits, KYC background checks, penetration testing, and vulnerability bounty programs.

No.5 Solidproof

Solidproof is another German security company that specializes in project audits, KYC procedures and high security data storage. Their team consists of professional auditors and industry professionals with years of industry expertise.

Solidproof services include smart contract audits, among others, and the company allows clients to request custom packages that include some or all of their services. In addition, Solidproof ensures a high level of security for its clients’ data in accordance with German DSGVO law. For this purpose, it stores all client data on a private server that only the company can access.

No.6 OpenZeppelin

OpenZeppelin has now grown into a competent security company that specializes in smart contract security and auditing services. The company understands the challenges of building decentralized applications. To this end, it offers an extensive set of tools to help projects overcome the lack of proper development. Moreover, its private and secure transaction infrastructure should support them to automate Ether operations and deliver high-quality products faster.

Developers can integrate OpenZeppelin Contracts into their projects using OpenZeppelin’s native SDK. In addition, they can use the company’s gamification elements, such as Etherenaut, to identify smart contract errors. The game lets users participate in the Web3 – Solidity war game to crack smart contracts to find vulnerabilities and bugs.

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