The Fourteen Theories of Demystification: The Credibility of Audit Reports

Audit reports are often regarded by retail investors as one of the important references for assessing the quality of a project, including some VCs.

But is the credibility of audit reports really high?

The answer is not credible at all.

First, there is a delay; the report that users see may pertain to project code from several months ago. During those months, has the project team made any updates, and have those updates been applied to the current version of the project?

Second, in the dark forest of Crypto, no project can guarantee absolute safety, except for one possibility (the project is too poor).

Third, there is a large amount of capital flowing in and out (cross-chain bridges, DEX, lending, etc.); as long as there's enough money, hackers will definitely target it. If it hasn't been targeted, it just means you aren't rich enough yet. Such projects are bound to be hacked sooner or later.

Fourth, real audits may uncover a lot of problems. Is it possible for the project team to make adjustments beforehand and then erase the issues from the report?

In summary, no amount of audit reports can save your wallet from being hacked.

In the end, who is left disoriented in the wind? Audit, after all, is a business.