1. Why do you need an audit for smart contracts?
Protecting funds: Unsecured contracts may have vulnerabilities that can lead to complete asset theft (as occurred in the DAO hack on Ethereum).
Trust in the project: An independent audit report provides a strong indicator of the team's professionalism and seriousness.
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2. Steps to Verify the Audit Report
1. Read the Executive Summary
Quickly identify the number of vulnerabilities discovered and categorize them (Critical, High, Medium, Low).
2. Source of the report
Ensure that the audit was conducted by a reputable company (such as CertiK, PeckShield, or SlowMist) and not just an 'internal team'.
3. Tools Used
The report should include results from tools like Slither, MythX, or Echidna for automatic code scanning.
4. Release Date
Choose contracts that have had their report updated in the last three months to ensure coverage of the latest changes in the code.
5. Follow up on the recommendations requirements
Verify that the project has implemented the critical/high recommendations before going live on Mainnet.
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3. How to practically audit the contract
Search on Etherscan/BscScan
Enter the smart contract address and look for the 'Verified' label; ensure that the submitted source code matches the code published on the platform.
View live scanning operations
Monitor transaction history and interaction volume; suspicious contracts often show unusual activity (mass withdrawals, multiple small transactions).
Use instant security scanning tools
Try extensions like MetaMask Snaps or CertiK Skynet that show security alerts before executing the transaction.
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4. Additional Tips for Risk Management
Do not deposit your entire investment at once: Spread the deposit over small amounts and verify at each step.
Avoid opaque contracts: Do not invest in projects that do not publish the full audit report or only use internal auditing.
Update your wallets and security tools: Enable 2FA on your Binance account and Wallet Whitelisting.
What step do you consider essential when auditing smart contracts? Do you use any specific tools? Share your experience!
