Blockchain needs standards

⚡️ Flash news ⚡️
The 2023 crypto winter has seen a decline in crypto asset theft, with $1 billion stolen compared to 2022's $3.8 billion. Despite this, the frequency of attacks has increased, highlighting the need for improved security auditing. A consistent and rigorous auditing methodology, coupled with responsible disclosure by auditing firms, will encourage projects to enhance their security standards. However, audits cannot prevent social engineering attacks, which require vigilance and training. An auditing standard should include assessments of threat models, security by design, implementation security, dependencies, testing, project documentation, and scope. Improving security auditing standards will help prevent future crypto asset theft.

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