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Paul Munter, chief accountant of the United States Securities and Exchange Commission (SEC), has released a statement warning accounting firms of their obligations to the agency when working with crypto firms. Allowing their finding to be misrepresented could have serious consequences, he said. Crypto firms may engage accountants to “perform
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Mazars’ departure doesn’t mean, however, that conventional auditors cannot examine the books at crypto firms. Coinbase is a publicly traded company in the U.S., and so – as it must – the company releases full-fledged reports about its finances, audited by one of the largest accounting firms in the world:
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Crypto protocol audits typically include two to three auditors scouring the code over a few weeks. Sherlock, which sells its solutions directly to protocols, starts with one or two senior auditors taking a brief look at the code. Sherlock then hosts an auditing competition where entrants are financially rewarded for
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Simultaneously, Sooho.io announced a partnership with Lambda256, a subsidiary of South Korea's top cryptocurrency exchange by volume, Upbit. Lambda256 – which offers blockchain-as-a-service products – will use Sooho.io's Kleva and smart contract expertise to launch a decentralized finance (DeFi) ecosystem, according to the press release. Source
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As the cryptocurrency market has grown, so too have the number of bad actors looking to exploit vulnerable decentralized finance, or DeFi, protocols, and projects for their own gain. Earlier this month, the Ethereum-Solana Wormhole token bridge suffered the biggest hack of 2022, with $321 million lost due to a
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Crypto.com, a leading cryptocurrency exchange, experienced an incident on January 17 when some of its users reported strange activity in their accounts. The exchange acknowledged the event, and conducted an investigation immediately after, declaring that all funds were safe. However, reports from security and blockchain auditing firms Certik and Peckshield
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