Millions of dollars have been lost in several widely known breaches of cryptocurrency wallets. The Mt. Gox hack in 2014 led to the loss of about 850,000 bitcoins (worth about $450 million at the time), as well as the DAO hack in 2016, which resulted in the loss of about $60 million worth of ether, are two of the most noteworthy hacks. In recent times, Hackers have stolen large amounts of cryptocurrency in some instances, such as the $3.8 billion stolen in 2022.
A crypto wallet product's security is critical to ensuring users' funds' safety. Suppose a wallet product is not properly secured. In that case, it can be vulnerable to a range of attacks, including theft of private keys, unauthorized access to the wallet, and tampering with transactions.
A crypto wallet product security audit is essential in ensuring the safety and security of cryptocurrency assets. As the use of cryptocurrencies has become more widespread, the number of wallet products has increased, making it challenging for users to choose a wallet that is both easy to use and secure. This is where a security audit comes in - it can thoroughly assess a wallet product's security posture, identify vulnerabilities, and provide recommendations for remediation.
Connecting with you You must have been added to a closed group with the Auditing Team by now. You would be connected with the Project Manager and the Auditors through this dedicated channel during the process for collaboration and instant resolution. At any point, if you face any query or find a need to discuss anything - we are just a message away!
Things We Cover in the Audit Process :
We ensure your smart contract goes through all the stages, from manual code review to automated testing, before generating the Initial Audit Report. Once your team updates the code, we thoroughly scrutinise the smart contract to provide you with the Final Audit Report. Let’s dive deep into it and explore more.
Use comments to document complex parts of the code and ensure these are consistent with thecoded.e
The vulnerability assessment phase involves testing the wallet product for vulnerabilities. This may include:
The exploitation phase involves attempting to exploit any identified vulnerabilities. This may include:
The reporting phase involves documenting the audit results and providing recommendations for improving the security of the wallet product. This may include:
How can you help?
You have to prepare an 'Updation Summary' or 'Comment Report' carrying details of the changes you've made after getting the IAR; this would help us identify the changes and test them rigorously.
After initial audit fixes, the process is repeated, and the Final Audit Report is delivered. There is a possibility that even after the fixes you've made, some issues are still not resolved, and/or those changes have led to a few more issues.
So, after receiving the Final Audit report, you have to take a call (based on the severity table containing the unresolved issues) on whether to alter the code again or to move forward as it is.
Following the completion of the second audit review, the Fixed codebase, along with the comprehensive audit report, will be formally delivered to our dedicated Vigilant Squad. This elite team is comprised of world-class security researchers, each possessing extensive experience and expertise in identifying and analyzing vulnerabilities within complex systems. The Vigilant Squad will undertake a meticulous and in-depth review of both the codebase/Dapp itself and the accompanying report. They will dedicate their full time and resources to this critical task, leveraging their specialized skills to proactively search for and uncover any potential security issues, however subtle they may be. In the event that the Vigilant Squad discovers any vulnerability, security flaw, or other issue, we will be notified immediately, ensuring swift action can be taken to mitigate any potential risks.
How you can help?
You have to prepare an 'Updation Summary' or 'Comment Report' with details of the changes in case, if you get any New issues from our side; this would help us identify the differences and test them rigorously.
After getting the green light from the previous step, we send the report to our designers to generate a PDF version of the Audit Report, displaying all the necessary details of the auditing process.
Sample Audit Report - Oron Wallet
Then, the report is uploaded to our official GitHub Repository
, after which we share the link to the Audit Report and Certificate of Compliance from QuillAudits.
After the Final Audit Report, we take your project in front of the masses through:
Social Media Announcements
LinkedIn - X (Twitter) - Telegram - Reddit - Medium
The completion of this step totally depends on the calendar availability of our marketing team. Therefore, this step might take some time to complete.
AMA Sessions
Niche Targeted PR Services
Organize Product Launches, Community Meetups etc.
QuillAudits is a leading blockchain security firm with 7 years of experience, securing $30B in TVL with multi-layered audit framework, across 1400+ projects in DeFi, GameFi, NFT, Gaming, and all blockchain layers.
Our senior auditors conduct line-by-line code reviews, combining manual & AI-driven audits for smart contracts on 20+ chains including Ethereum, BSC, Arbitrum, Algorand, Tron, Polygon, Polkadot, Fantom, NEAR, & Solana. We also offer token risk assessments & real-time monitoring tools to fortify Web3 security.
Beyond audits, we’ve hosted 50+ global events and 300+ workshops to educate and support the Web3 community.