Investing all in the name of AUDIT

[Cuda911]

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.

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[SafuBTC]

my question is, who audit the auditors?

[noorman0]

I hope you can tell the difference between "self-claimed" and proven claims by going directly to the auditor's site and looking at their scores. In addition, some projects sometimes use separate auditors for each section of their smartcontract code for cost reasons.

a Certik audit is worthless

Meanwhile, people claim they are trusted auditors.

[Jawhead999]

AFAIK they're only audit the smart contract, supply, etc any related about the technical part of the project, but they're not promise the project wouldn't turn to be scam project... since they're not controlling the project and didn't have any part about it. If the project is scam, then obviously the team or the CEO was behind of this reason.

[TheUltraElite]

Auditing the smart contract does not mean doing a research on the project and its possible outcomes. I think the OP is confusing these two remotely different things

The first one is like checking a device whether it is running or not. The second one is predicting whether the device will run for the next two years or not.

Hence if an audit is giving good results, it should not be reason to invest. Scams always exist in this market and to avoid that you need to learn how to check the background of the people behind the project, dig out information that they are not giving away, check their whitepaper and see if the project is actually feasible in the mainstream market - most are not.

[broulayecommissioner]

Hey! Thank you very much for the warning. I've heard a lot of bad feedback about Certik, and I'll consider that when I invest in an audit project. I would also like to invest in something, but I have not decided what. But I understand that for this, I need a very good investment plan. All my friends invest in different fields and have a very high income, and besides, they have good wealth management, and I am sure they will be successful. I think that's pretty cool and something that has a nice future. Maybe I'm thinking of investing in the name of AUDIT.

[blockman]

Why in the name of AUDIT? I don't think it will always be profitable.

It's not about the profitability but about checking the project itself by an entity to have it certified on its own. Whether it's certified and checked or audited by a firm.
That doesn't mean that a project is safe to invest in and as well as guarantees a return. The decision is still in you on how you take these projects seriously and you use as many references as you can to check if it's worth your money.

[cryptoaddictchie]

Its not that certik failed but it doesnt mean that all projects that will be audited by them are legit. Their not perfect and of course still open for vulnerabilities on the smart contract especially exploitation is always a loophole on crypto. They just help in the determination of risk, hence anything that further proceed with the platform down time is likely yours to watch after that.

[vv181]

~Their not perfect and of course still open for vulnerabilities on the smart contract especially exploitation is always a loophole on crypto. They just help in the determination of risk, hence anything that further proceed with the platform down time is likely yours to watch after that.

One thing worth mentioning is Certik audit doesn't mean that the teams are thoroughly checking the smart contract code line by line, in some cases, surely that is needed to be done, but I'm sure that will increase the cost of the audit since it requires more thorough audit services plan.

In most cases, Certik audit only automatically verifies the smart contract based on a known vulnerabilities. So yeap, as in results, it's like the saying goes, no system is 100% secure.

[asriloni]

my question is, who audit the auditors?

good question and people are only know that if certik was the most trusted party to audit the smartcontract while people didn't understand who behind this company and how credible this company is. this is a common thing in the crypto when it's based on the trust and reputation but people  who behind the platform never became the main question. I think that this company needs to be audited as well.

Mostly of meme tokens were using in the name of audit.

[Cuda911]

I have come to understand that a criminal is a criminal, you can show your face to the world and still dupe people for a living, I remember that one coin team I heard the team showed who they are to the whole world, this is how far people are willing to go just to confuse investors.

[Cuda911]

my question is, who audit the auditors?

Good question 😂😂😂

[X-ray]

I have come to understand that a criminal is a criminal, you can show your face to the world and still dupe people for a living, I remember that one coin team I heard the team showed who they are to the whole world, this is how far people are willing to go just to confuse investors.

Yeah it doesn't matter how transparent the team and it can also become a criminal. Remember that some old projects that become scam even they were revealing their face to public. People are seeing revealing their face to the public to give more guarantee if they will not scamming the investors but these days those garbage scammers were using soft scamming method to scam investors. There are so many projects that died slowly as already programmed by scammers.
Scammers was a scammer and audit was not fully preventing the project to become a scam but at least public can know what already contained in the code.

[VRExpress]

Is there anything that money can't buy in this crypto space? If you understand this question then you will know that any form of security check by a group of people or companies can be bypassed somehow, do the needful yourself.

[cryptoaddictchie]

Is there anything that money can't buy in this crypto space? If you understand this question then you will know that any form of security check by a group of people or companies can be bypassed somehow, do the needful yourself.

Yes cause there is no perfect system like I said.  But there are things in crypto you couldnt buy with money and thats reputation.  You can simply bribe or ask for promotions or negotiations for marketing on crypto but not all can do it.  They will legit check first if you doing the right thing and in legal process.  You cant buy anyone to be on your side there will always be some guys who will refuse to do it even you offer a lot of money.

[jaberwock]

Is there anything that money can't buy in this crypto space? If you understand this question then you will know that any form of security check by a group of people or companies can be bypassed somehow, do the needful yourself.

Yes cause there is no perfect system like I said.  But there are things in crypto you couldnt buy with money and thats reputation.  You can simply bribe or ask for promotions or negotiations for marketing on crypto but not all can do it.  They will legit check first if you doing the right thing and in legal process.  You cant buy anyone to be on your side there will always be some guys who will refuse to do it even you offer a lot of money.

The feeling is more rewarding when you are being honoured to be an honest company because not all cant possibly do that. If a company that is known to be legit but tries to do something fishy, they will be caught later on. Like for example in the case of an auditing company here in crypto, if they will let a bad project pass in exchange of money.

It will eventually find out by those people who trusted that project only because it was audited by a famous auditing company when the project collapsed later on. That will be more shameful if the world finds out the real truth. Their company will also collapse. That is why it's always better to be honest and fair if you want your company to last longer or to become successful.

[Coin_trader]

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.

[X-ray]

Is there anything that money can't buy in this crypto space? If you understand this question then you will know that any form of security check by a group of people or companies can be bypassed somehow, do the needful yourself.

It's not even only in the crypto but in your life as well. Money plays everything in our life. The project owned just need to pay money to make it happen. it doesn't matter how good they were auditing the contract as long as they got paid with nice amounts of money and probably it can pass the security check easily without any doubt. Remember that there are so many auditors in the market with different formula to testing the contract or audit it.
Im sure that people aware about that.

[inanilujimi]

So you invest only based on the audit so far?
The Certik Audit function is only to analyze smart contracts, not to guarantee that the project can meet our expectations, such as getting x 10 or more from the initial investment we made.
the success of the project depends on how the dev gets his goal to be trusted by investors.

[Almasani]

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.

What is your basis for saying this? Has there been any fraud committed by them in auditing supply circulation or other audit points? Or have they received bribes in the audit? Or have manipulated crypto finance?
Most of the good projects are currently audited by Certik. For me, who is still new to crypto, their level of accuracy is much better than we researched ourselves. Indeed, the audit is not so important, but more or less there are already providing security for the crypto that is developed.

Skynet
Actively monitor on-chain smart contracts in real-time and present actionable security and Web3 app data insights for the community.
Blockchain Security Audit
Identify and eliminate security vulnerabilities in blockchains, smart contracts, and Web3 apps using the most rigorous and thorough cybersecurity techniques.

I think these two things are very important for the current development of crypto.