Panel Discussion on Smart Contract Security
Professor Ronghui Gu, the co-founder and CEO of CertiK, took part in a significant panel discussion entitled “Stop the Hacks: The State of Smart Contract Security.” His participation showcased the pressing concerns and emerging trends surrounding security in the Web3 space. This engagement marks Professor Gu’s third trip to South Korea, a country where CertiK is intensifying its strategic efforts. The firm has not only forged a partnership with the city of Busan at the governmental level but has also set up an operational branch in the bustling capital, Seoul.
Addressing Misconceptions in Security
During the session, Professor Gu sought to clarify some prevalent misconceptions within the sector, particularly addressing claims made in the “Annual Web3 Security Report.” He pointed out that the reported loss of $1.4 billion last year attributable to vulnerabilities in smart contracts encompassed a broad spectrum of issues, including human errors. Gu candidly noted the unavoidable reality that no software solution can guarantee complete security.
CertiK’s Security Infrastructure
To combat the ever-evolving landscape of threats, CertiK has developed a robust multi-layered security infrastructure that encompasses comprehensive code reviews, auditing processes, and continuous monitoring efforts. Despite these advancements, Gu expressed concern about the overall inadequacy of security budgets in the industry, which tend to fall short compared to allocations for marketing.
Call to Action for Cybersecurity Investments
Citing firms like WEMIX, which has undergone an impressive 120 audits, and Kaia‘s decision to partner exclusively with CertiK for its security needs, he emphasized the importance of prioritizing cybersecurity investments. This call to action aims to encourage project teams in the Web3 space to ensure that security is at the forefront of their development strategy.
