security
Get KYC Secured by QuillAudits X Assure DeFi
QuillAudits acknowledges the significant threats involved in smart contracts, which can lead to many critical possibilities. Identify ways in which the system is susceptible to be gamed or abused, what parts are exposed to centralization risks like point of interaction with oracles, and what governance mechanisms are in place that could be a potential threat to the investor funds.
Rug Pulls
While smart contract exploits and hacks are a known issue in web3 projects, the prevalence of rug pulls is alarming with over 70% of crypto scams falling under this category.
Anonymity
Rug pulls are carried out by anonymous teams, making it difficult to hold project owners accountable for their actions, leaving investors with little to no recourse.
Loss
Investors and users suffer significant losses of capital and time invested in rug pull projects, and the anonymous nature of these projects makes it impossible to file a complaint or seek legal action.
Trust
Despite some anonymous web3 projects providing highly effective and scalable solutions, the increasing number of rug pulls make it challenging for users and potential investors to trust and invest in these projects.
