Crypto continues to see rapid mainstream adoption, and with that, auditing is becoming a fast-growing industry. What are the best crypto audit companies emerging in 2023?
With hacks continuing to rise, security is paramount in the crypto space. Smart contracts are one critical element that needs auditing. They are self-executing computer programs with the terms of an agreement between buyer and seller encoded in the lines of code.
These contracts are hosted and executed on the blockchain via a computer network that renders transactions traceable, transparent, and irreversible.
As more enthusiasts join the crypto space every day, audit companies are seeing a lot of demand from projects in crypto, DeFi, NFT, and the metaverse. However, there are only a few companies that offer these services.
Top Crypto Auditing Companies
Auditing firms are highly professional in ensuring the safety of a crypto company’s funds and its customers’ funds.
Because a small mistake in crypto can easily result in the loss of billions of dollars, it is essential to get it all right.
Let’s take a look at some of the top crypto audit companies.
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Hacken
This auditor has been focused on educating the community and building Web 3.0 cybersecurity startups. Its clients include Solana, VeChain, Gate.io, KuCoin, FTX, Huobi, 1inch, and Avalanche. Besides smart contract security audit, it also provides KYC background checks, pentests, and Bug Bounty programs.
Certik
One of the biggest names in the Smart Contract auditing industry, Certik was founded in 2018 by professors from Yale University and Columbia University.
It has conducted nearly 3,000 audits globally. Besides Binance, OKEx, and Huobi, Certik is used by popular DeFi protocols to perform comprehensive smart contract audits.
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ConsenSys Diligence
Founded by Ethereum co-founder Joe Lubin, ConsenSys works on building the infrastructure for the Ethereum ecosystem.
Besides the popular wallet MetaMask, Infura, a toolkit for blockchain developers, and having a venture capital arm to invest in projects building in the sector, ConsenSys also performs smart contract auditing through diligence.
Runtime Verification
This security firm puts a special focus on formal verification, which is a time-consuming but thorough way of mathematically proving that the code meets a set of exactly written standards.
They also perform traditional audits. ETH 2.0 Beacon Chain, Tezos, OlympusDAO, Algorand, Maker, and Gnosis are some of their notable audits.
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Certora
Certora is another security firm that provides formal verification services. Its Certora Prover tool is one of the most powerful suites available for executing formal verification.
The company has worked with popular DeF platforms Aave and SushiSwap. Certora also sponsors community education events and is working with the Secureum auditor bootcamp.
Slowmist
The China-based smart contract auditing firm was founded by an experienced team of attack-defense experts who transitioned into the blockchain space.
Besides smart contract auditing, Slowmist performs defense deployment, vulnerability scanning, and anti-money laundering (AML) services. They have provided its services to the EOS ecosystem and standard Ethereum-adjacent chains.
QuillAudits
A relatively new firm, QuillAudits is a smart contract audit platform for dApps, DeFi, and tokens. They perform both manual code reviews as well as automated testing for smart contracts and crypto wallets before providing the final report.
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Chainsulting
This security audit firm has been providing auditing along with consulting and software development services since it began its operations in 2017.
Headquartered in Germany and Australia, the firm has conducted code audits for market-leading blockchains such as Ethereum, Binance Smart Chain, Solana, and Algorand, as well as DAI, 1Inch, Unicrypt, and POA Network, among other top DeFi projects.
OpenZeppelin
An open-source platform for developing secure dApps, OpenZeppelin also provides audit services. Its web application called OpenZeppelin Defender secures and automates smart contract operations.
It also allows you to collaborate with your team, define different workflows, interact with contracts, and conduct financial transactions. Ethereum Foundation, Compound, Aave, The Graph, and Coinbase are its most notable clients.
SolidProof
This German audit company uses manual and automated tests to assess smart contracts and blockchain projects.
For KYC checks, SolidProof focuses on customers’ identities, assesses the nature of their activities, checks their sources of funds, and assesses any associated risks. It has conducted hundreds of smart contract audits and KYC.
Quantstamp
Counting BNB Chain, Cardano, Ethereum 2.0, Solana, as well as Maker, Curve, Axie Infinity, and OpenSea among its clients, Quantstamp has conducted over 200 audits and secured assets worth over $200B for various blockchain platforms.
However, some of its certified projects like Alpha Finance, Saddle, and Rari have experienced high-profile hacks and lost millions of dollars in the process.
Paladin
This blockchain security firm deals with smaller projects, and many of the protocols on RugDoc feature Paladin audits. Two protocols audited by Paladin, including VultureSwap, are known to have been exploited.
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Halborn
This full-service security company provides smart contract audits, penetration testing, and security consultation for Ethereum, Solana, Algorand, Cosmos, Tezos, and NEAR.
ChainSecurity
Founded in 2018, the Swiss blockchain security firm has worked with Maker, Curve, Coinbase, NEO, and others. The company has extensive experience in both traditional and blockchain software development.
Omniscia
Among the nearly 200 projects audited by Omniscia include OlympusDAO, KlimaDAO, Tokemak, and Rari. One of its audited protocols, Beanstalk DAO, suffered a flash loan governance exploit in early 2022.
PeckShield
Founded in 2018, this Chinese audit and security firm has audited several protocols, including Aave, EOS, Tron, OlympusDAO, and PancakeSwap.
However, they made several appearances on the Rekt leaderboard. Some of its exploits include Popsicle Finance, Value DeFi, XToken, Superfluid, Alpha Finance (Co-audited with Quantstamp), Harvest Finance (Co-audited with Haechi), and MonoX (Co-audited with Halborn).
Arcadia Group
The blockchain development and smart contract security company provide both audits and software development services. Their audited project decentralized insurance protocol Cover suffered an infinite mint exploit which lost $9.4 million in user funds.
Trail of Bits
Founded in 2012, this audit firm has been trusted by Yearn protocol, LooksRare, Balancer, Acala, and Nervos, along with hundreds of other crypto projects and mainstream giants like Adobe, Microsoft, Stripe, Reddit, Zoom, and Airbnb.
The firm offers three kinds of services: Software Assurance, Security Engineering, and Research and Development. They also develop tools such as Manticore, Ethersplay, Slither, and Echidna that help developers and researchers find and fix critical vulnerabilities.
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Conclusion
Hacks and exploits in the cryptocurrency sector are as prevalent as ever, with projects and people losing billions of dollars every year. But as crypto gains adoption and more people enter the space, companies are getting cautious and proactive by employing the services of audit firms.
This is resulting in the rise of crypto audit companies attempting to instill trust and security in the projects and cryptocurrency space.
