November 11, 2022

Beosin Security Audit Service Fully Upgraded to Build a More Secure Blockchain Ecosystem

On March 29, 2022, Ronin bridge was attacked, over $600 million in cryptocurrency was stolen.


On August 2, 2022, Nomad bridge was hit by an attack, with hackers making approximately $150 million in profits.

Statistics from Beosin EagleEye - the security monitoring, alerting and blocking platform shows that the total amount lost in the blockchain ecosystem from January to October 2022 due to attacks has reached about $3.3 billion. Attacks are becoming increasingly frequent and the amount involved is getting larger.

As blockchain technology develops, more attacks are constantly affecting the industry, and cases of theft due to smart contract vulnerabilities are rising. As a result, security audits are becoming more and more important.


After Beosin announced the strategic financing round, we have focused on blockchain security new technology research and development, ecosystem expansion and global business growth. We have also fully upgraded Beosin security audit service to create a more secure blockchain security ecosystem.


At present, Beosin has provided security services for more than 2,000 blockchain companies worldwide, audited more than 2,500 smart contracts, and protected over $500 billion of assets for customers. The smart contracts audited by Beosin have never suffered any major theft due to security vulnerabilities so far. After the upgrade, Beosin's auditing service comes with the following advantages.



Advantage 1

We use Formal Verification Technique to make your smart contracts "invulnerable"


Formal verification is one of the most demanding methods of code security. Its effectiveness has been proven in aerospace, military and other fields. In the current blockchain and smart contract security business, formal verification is showing great potential. This "mathematical inference" based verification method can precisely prove whether there are security vulnerabilities in the code, while effectively solving the problem of heavy reliance on human experience and inexhaustibility of traditional techniques such as manual testing.


Beosin's top formal verification experts told us, "Beosin's library of smart contract security issues and reusable smart contract security attribute invariants accumulated through years of extensive contract security auditing practice, as well as a hybrid machine engine for automated detection, testing, and verification with high path coverage, are key to ensuring the quality of security audits.”



Advantage 2

Beosin VaaS is the first line of defense against hackers, using multiple security technologies such as formal verification.


As one of the world's first companies specializing in blockchain security, Beosin's founders are among the world's first experts to apply this technology to smart contract security auditing, and they have more than 20 years of experience in formal verification. Beosin VaaS, with 97% automated detection accuracy, can automatically detect hundreds of security issues of smart contracts in "one click".


VaaS can automatically find known and unknown vulnerabilities and business logic issues in smart contracts as well as providing professional recommendations for fixing them. It supports hundreds of general security vulnerabilities and business logic defects detection for smart contracts of all public chains of EVM and WASM. It helps developers to improve the security capability of smart contracts by giving modification suggestions while pinpointing where the risky code is located.


Beosin VaaS - smart contract formal verification platform



Advantage 3

Strict security audit process to build a strong security defense


Beosin's security audit service includes EVM-compatible chains such as ETH, BSC, Polygon, and smart contracts from all public chains on the market such as Solana, Boka, NEAR, etc.


In terms of the standardization of the auditing process, Beosin includes at least 5 sessions of auditing steps, where automated code security scanning is combined with manual auditing by security experts and formal verification experts. Each step is cross-checked by two or more security experts and formal verification experts to avoid omissions due to human factors as much as possible.


After completing a round of audit, Beosin will issue a Feedback of the problems found, which includes description of the vulnerability, recurrence method, fixing suggestions, etc., and then submit it to the project party and assist the project party to finish fixing the vulnerability. How to modify the code. Few other security companies offer such a service.


In addition, Beosin security auditing experts have conducted in-depth analysis and summary of smart contract security issues for different applications (such as DeFi, NFT, GameFi, etc.) for web3 projects, and categorized and condensed a rich library of smart contract security issues.


Finally, the formal verification experts abstract the security issues condensed by the security audit experts into reusable security attribute invariants using strict mathematical logic. We then feed them into the hybrid machine engine for automated detection, testing, and verification. This has proven to be effective in discovering new subtle vulnerabilities in smart contracts.


Advantage 4

Audited projects are listed on Beosin EagleEye - the security monitoring, alerting and blocking platform, providing 7x24 real-time risk alerts.


Projects audited by Beosin will be listed on Beosin EagleEye, the security monitoring, alerting and blocking platform for free, providing 7x24 real-time risk alert. Beosin EagleEye uses AI and other technologies to automatically detect the security status of contracts, monitor the on-chain operational status and transaction behaviour, automatically identify abnormal transactions, and comprehensively assess the security operation status of the project. It can help projects discover risky transactions such as Flash Loan attacks, arbitrage transactions, and theft of funds due to private key compromises. Now Beosin EagleEye has been updated and iterated, its "blocking" function has been officially implemented, which can protect your property to the maximum extent.


Beosin EagleEye - the security monitoring, alerting and blocking platform



Advantage 5

Experienced Beosin team, widely praised by Web3 partners


Beosin smart contract security audits, including asset security audits, business logic audits, backdoor audits, Flash Loan attack audits, arbitrage attack security audits, re-entrancy attack audits, function call safety audits, code standards audits, etc. Beosin will issue an authoritative security audit report. The report will contain details of any identified vulnerabilities and categorize them by severity (critical, high, medium, low and info) and recommended remediation. Charts are included to provide visual insight into the program and help you understand the source of identified vulnerabilities.


So far, the smart contracts audited by Beosin include DAI, PancakeSwap, Dogechain, Ankr, Hot Cross, USDN, etc., which are trusted by the market and widely praised by ecological partners.



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