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Author Topic: Investing all in the name of AUDIT  (Read 286 times)
mbakruroh
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September 13, 2022, 05:40:32 PM
 #21

Do not invest in projects that claim to be audited by Certik, a Certik audit is worthless, I have made this mistake already that's why I feel like sharing on here, Certik most especially is a trash grade auditing platform, these fellas have audited projects that have rug pulled in the past, for example MOORE, they have audited many suspicious projects, if you are looking for a top tier audited project Certik isn't a good place to start, look else where.
They audit a project when it is first launched at the request of the project owner. But when it is on the stock exchange, they may no longer control it or update the audit results. If the audited project also has problems, what about the project that is not audited at all. Of course it is more dangerous in terms of investment. Even though their audit results are suspicious or money political audits, at least the project must maintain their reputation. I understand the project they have audited, let's say that Luna Classic was also audited by them but the condition is very bad now.
However, they also audit other projects such as Tether, BNB, and others. So in conclusion, whatever steps they take if the project owner does not intend to develop the project properly, they will take certain steps so as to create losses for investors. We cannot fault their audit results. We must make a comparable comparison.

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Bitstar_coin
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September 16, 2022, 06:03:21 PM
 #22

This audit is checking only the smart contract not the team background. People should not use it as main reason to invest but it can help investors to trust the project if there smart contract has no error for a potential security breach. This is important for anonymous project to make sure that they don’t have faulty code that might use to rug pull or loss the team funds.

KYC of the team is the best audit to be honest but no auditors that do this since no project team allowed them to be KYC. This smart contract audit is just a mild solution on trust issue to decentralized projects.

Exactly, I don't understand why certik or any other audit firm should be blamed when a team of a project rug pull, the job of the audit is to check the smart contract for any irregularities which they must have done smoothly, the motive to rug their own project is all on the project team and not the audit firm imo.
It is a wrong perception if @op will judge all audited project base on this. An audited project gives an extra layer of security to the project and boosts investors' confidence but it is not a guarantee of the behavior of the team.

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