Audit Report

The RWA protocol stUSDT has released its audit report and white paper, and no critical or high-risk vulnerabilities were found during the review

ChainCatcher news, stUSDT announced a partnership with ChainSecurity to conduct a comprehensive security audit of its smart contracts, and has published the complete security audit report and white paper on its official website. Based on the recommendations from the security audit, the stUSDT platform completed a contract upgrade on June 24 and has been closely monitoring the upgraded system to ensure all functions are operating normally. Meanwhile, stUSDT has officially released the complete security audit report and white paper on its official website.The security audit report provides a detailed account of the security audit results conducted by ChainSecurity, with no critical or high-risk vulnerabilities found during the review. The white paper comprehensively outlines the architectural design and governance structure of the stUSDT protocol, as well as the technological foundation that ensures the safety and reliability of user investments.It is reported that ChainSecurity is a top security audit company in Europe and the United States, having provided security audit services for well-known institutions or projects such as the Ethereum Foundation, Circle, Polygon, Uniswap, MakerDAO, Curve, Compound, Yearn, and Lido. stUSDT is the first rebase-based RWA protocol and is currently operating through the decentralized platform JustLend DAO. The stUSDT platform aims to bridge the gap between individual and institutional investors, as well as the crypto world and the real world, providing a fairer RWA investment channel for everyone. Currently, the total staking amount of stUSDT exceeds $271 million, with an APY of 4.64%.

LFG releases audit report: spent $3.413 billion to prevent UST from depegging, no abuse or misappropriation of funds

ChainCatcher news, third-party auditing firm JS Held stated that it has collaborated with LFG and TFL to investigate whether the two were involved in fund misappropriation or theft during the UST depegging event, whether internal personnel benefited, and whether funds were frozen.In this process, JS Held obtained access to on-chain wallets and trading accounts, as well as a large amount of raw data. The conclusions after the audit are as follows:First, LFG spent approximately $2.8 billion (80,081 BTC and 49.8 million stablecoins) to defend the peg of UST, which is consistent with LFG's tweet on May 16, 2022;Second, TFL spent over $613 million of its own capital to defend the peg of UST.Based on the above review, allegations of fund misappropriation or abuse, benefiting insiders during the defense of UST's peg, and LFG's funds being frozen by law enforcement are all unfounded.JS Held stated that although UST ultimately depegged due to insufficient capital reserves to withstand extreme market volatility, LFG fully fulfilled its responsibilities and did its best to prevent this outcome.In response, Terraform Labs founder Do Kwon said, "Although there have been continuous explosions in the crypto space recently, in the case of Terra, the transparent, open-source decentralized stablecoin failed to successfully defend its peg. We hope this report can demonstrate our commitment to transparency and the broader crypto ecosystem. We are more dedicated than ever to learning from failure and continuing to build a more transparent, decentralized, and resilient system." (source link)
2022-11-16
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