audit
Creditors of Defunct Crypto Exchange Cryptopia Can Now File For Claims With Audit Firm Following Massive Hack
The creditors of the now-defunct New Zealand based cryptocurrency exchange Cryptopia can now file for claims with appointed audit firm Grant Thornton.
Paraguay Begins to Audit Local Crypto Industry to Comply with FATF Guidelines
Paraguay is looking to take its cryptocurrency industry mainstream, in light of the Financial Action Task Force’s (FATF) guidance on virtual asset service providers (VASPs) released earlier this year.
Australian Blockchain Startup Power Ledger Deploys Blockchain Grid to Audit Renewable Energy
An Australian-based blockchain energy firm has bought a 250kW photovoltaic system, which will use the firm’s new energy data management and settlement system to offer greater transparency on renewable energy sold to consumers.
Crypto-Friendly Revolut under Pressure after UK Regulators Find Audit Flaws
Revolut has been flagged as being at risk of not meeting auditing requirements.
Fantom Collaborates With Dedaub To Automatically Detect Smart Contract Bugs With Watchdog
Scalable layer 1 platform Fantom announced its collaboration with Dedaub to leverage its automated system called Watchdog to look for smart contract bugs in the Fantom ecosystem.
Euler Finance suffers $197M DeFi hack
Decentralized finance (DeFi) protocol Euler Finance lost nearly $197 million in a flash loan attack on March 13, impacting more than 11 other DeFi protocols. The vulnerability remained on-chain for eight months despite a $1 million bug bounty in place. Euler Finance disabled the vulnerable etoken module and vulnerable donation function, and has reached out to security firms and the ETH security community to help with the investigation and recover the stolen funds.
Stars Arena Tightens Security Following $3M Exploit
Stars Arena, an Avalanche-based Web3 social media app, is reinforcing its security measures following a $3 million exploit on October 6, 2023. The steps include the transfer of funds to a secure multisig wallet, a comprehensive security audit, and the engagement of a white hat team for rapid security review. Users have been urged not to deposit any new funds until the security overhaul is completed.
SEC Charges UK Audit Firm Crowe and Senior Executives Over Deficient Audit of Akazoo
SEC charges Crowe U.K. LLP, CEO Nigel Bostock, and auditor Matthew Stallabrass over flawed Akazoo audit. Akazoo's 2018 report falsely claimed $120M revenue. Settlements agreed; penalties total $785,000. Both executives face SEC suspensions.
Coinbase Rolls Out AI-Driven ERC-20 Scam Token Detection System
Chief Legal Officer Paul Grewal unveils Coinbase's ERC-20 Scam Token Detection System, combining smart contract auditing with machine learning to tackle crypto scams. Disclosed on October 6, 2023, this initiative enhances security and trust in token listings on the platform.
Stars Arena Recovers Majority of Stolen Crypto
Stars Arena, a Web3 social media platform, has recovered about 90% of the 266,104 AVAX stolen in a security breach on October 7, 2023, following a settlement with the exploiter. The platform received 239,493 AVAX back, while awarding a 27,610 AVAX bounty to the individual. Post-recovery, Stars Arena is enhancing its security measures, including auditing a new smart contract to safeguard against future exploits.
SEC Charges FTX Auditor Prager Metis Over Independence Violations
The SEC has charged Prager Metis with violations of auditor independence laws, drawing attention due to its previous engagement with cryptocurrency exchange FTX, which filed for bankruptcy in 2022. The legal action emphasizes the crucial role of auditor independence in ensuring financial transparency and investor protection.
WeStreet Credit Union Opens Public Access to Cryptocurrency Trading Portal
WeStreet Credit Union has introduced a Crypto Portal, offering a secure platform for buying, selling, and holding cryptocurrencies. Initially a members-only feature since August 2023, it opened to the public in October. Partnering with a Qualified Crypto Custodian, WeStreet provides a regulated, audited platform for cryptocurrency transactions, bridging the gap between traditional banking and the digital currency sphere.
dYdX Chain Audit Reveals Zero Critical Issues, Confirms Informal Systems
dYdX, a leading decentralized exchange platform, has cleared a comprehensive security audit by Informal Systems. The news was shared on the official dYdX Twitter account and reposted by founder Antonio, reinforcing the platform's commitment to user security and fund safety.
Web3 Security Losses Skyrocket to $889.26M in Q3 2023, Says Beosin Report
The Q3 2023 Global Web3 Security Report, jointly initiated by Beosin and SUSS NiFT, reveals a concerning escalation in the Web3 security landscape. The report shows that losses from hacks, phishing scams, and rug pulls reached $889.26M in Q3 2023, exceeding the combined losses of the first two quarters. The report also highlights the increasing threat posed by North Korea's Lazarus group.
Euler Finance Audited 10 Times Before $196 Million Attack
Euler Finance, an Ethereum-based lending protocol, underwent 10 audits from six different firms in two years before it suffered a $196 million flash loan attack. Despite this, the audits deemed the platform "nothing higher than low risk" with "no outstanding issues." The attack prompted Euler to launch a $1 million bounty for information leading to the hacker's arrest, only for them to move the funds through crypto mixer Tornado Cash.
EY Ops Chain: Bringing Transparency and Accountability to Public Finance Management
Blockchain.News sat down with Jimmy Ong, EY Asia-Pacific Blockchain Leader to take a deep dive in EY Ops Chain and EY Blockchain Analyzer. In particular, we explore how EY Ops Chain facilitates a more transparent public finance tracking. Ong also shared an interesting use case when EY Ops Chain enables the tracking of blood in Canada.
World Sustainability Organization Adopts Blockchain-Based Virtual Audits to Curb COVID-19 Spread
With coronavirus (COVID-19) prevention measures necessitating self-isolation and social distancing, Friend of the Sea (FOS), a World Sustainability Organization’s project for seafood certification, has embraced blockchain-enabled virtual audits to mitigate the expansion of this pandemic. As a result, FOS has eradicated onsite scrutinies because safety is of the essence during these trying times.
Racing to Save the Planet: The Role of Blockchain in Sustainability
The world is in decay. A long list of environmental disasters and the relentless requirement for fossil fuels are pushing Earth's capabilities to heal itself to a dangerous tipping point. Blockchain might very well be mankind's last hope to avoid the fall.
Deloitte Tests Remuneration of Its Staff Using Bitcoin
Deloitte one of the most reputable audit firms globally has shown plans of testing BTC payments on its staff for optimal adoption.
"The Wars to Come," Blockchain - A Game Changer for Auditors
Blockchain technology has the potential to upend Audit, Assurance and Control functions —Auditors need to stay attuned to emerging use cases. As Role and skillsets of Auditors will change as new Blockchain-based techniques and procedures emerge.
KPMG Launches Blockchain-Integrated Supply Chain Platform in Australia, China & Japan
Big Four audit firm, KPMG has announced that it has rolled out a blockchain-enabled track and trace platform dubbed KPMG Origins in Australia, China, and Japan. The platform leverages on emerging technological innovations, such as blockchain and internet of things sensors (IoT), as well as analytics and data tools.
Bitcoin Is Better Than Gold: Crypto Exchange Coinbase
On May 1, 2020, the world's leading cryptocurrency exchange Coinbase published an article on its blog claiming that Bitcoin is superior to gold. The crypt exchange had earlier published a similar article where they supported Bitcoin over Gold due to its ease to audit, anonymity, low transaction fee, and ease to be fragmented into smaller fractions.
Deloitte Partners With Chronicled to Fight Counterfeit Medication Using Blockchain Technology
Leading audit firm Deloitte has partnered with Chronicled, a San Francisco tech company, to address medication fraud and counterfeit drugs through blockchain technology. Chronicled will provide its blockchain-enabled network dubbed MediLedger that has been instrumental in the healthcare and life sciences sector.
CertiK Announces the Completion of British Pound Backed Stablecoin on Binance
According to the Exchangers representative, the token was going to be referred to as Binance GBP and was going to be fully backed by British pounds reserves. He also stated that in the nearest future more fiat currency backed stablecoins would be introduced on the platform
Canadian Investment Fund Manager Receives ‘Favourable Ruling’ From Regulators to Offer Bitcoin Fund
Canadian investment fund manager 3iQ Corp. announced on Oct. 30 that it had received approval from its public hearing by the Ontario Securities Commission (OSC) for a closed-end Bitcoin fund that will be listed for trading on a major Canadian stock exchange.
EY Blockchain Analyzer Adds Explorer & Visualizer Solution to OnChain Data Investigator
Big-four accounting and auditing firm Ernst & Young has enhanced its blockchain analytics tool, the Explorer & Visualizer solution to investigate on-chain data
$1 Million in USDT Refunded After DeFi Mistake
Tether CTO Paolo Ardoino announced last Friday, that a group of Chinese traders had mistakenly sent their funds to Swerve, a clone of Curve Finance.