1 in 4 smart contracts have critical vulnerabilities

More than 1 in 4 smart contracts have a critical vulnerability and 3 in 5 have at least one security issue, research from the new partnership between AmaZix and Hosho reveals.

Blockchain security firm Hosho has joined forces with AmaZix to bring smart contract auditing and penetration testing to the crypto community, and the companies’ own investigation showed that, of projects that collectively raised $1 billion, security vulnerabilities were a big issue.

Kenneth Berthelsen, AmaZix CMO, said: “Keeping communities safe is a longstanding priority of AmaZix. Education and awareness is part of that, but so is proactive diligence in the technical aspects of partner projects.

“In the absence of industry standards, we see smart contract auditing and penetration testing to be essential components of good security in blockchain systems. In our view, there is no better qualified people to do this than Hosho engineers.”

A huge 73 per cent of IT security bosses have admitted to collecting supplies of Bitcoin and Ethereum in order to pay ransomware demands and, of these CISOs, 79 per cent said they had already paid up at least once.

Code42 CISO Jadee Hanson told us: “Are executives resigned to the inevitable? Perhaps. Despite companies spending billions protecting security perimeters, they are still left vulnerable and exposed – especially if they are working under the false assumption that paying a ransom guarantees the safe return of corporate data.”

“It is Hosho’s goal to push the blockchain industry towards maturation by improving the overall security awareness and guidance,” said Hosho co-founder and CEO Yo Sub Kwon. “Partnering with AmaZix is a natural fit because their philosophy aligns with our own, striving towards the long-term development of a strong and secure ecosystem.”