Blockchain Security Team Lunaray Officially Joined the Qitmeer Network Ecosystem
Officials say that Lunaray, the Singapore blockchain security audit team, has joined the Qitmeer ecosystem and will provide long-term security audit, penetration testing, asset security management, and security emergency services for the security of the Qitmeer public chain ecosystem.
Blockchain is a great invention, which brings some changes in production relations, without the need for centralization, without the need for third-party actors, some “trust” is well solved, immutable, and executed by agreement, to prevent repudiation. But we must also be clear that the system is not yet complete, and that people do not know it well enough, at least at this stage.
Along with the development and prosperity of DeFi, blockchain security incidents have occurred frequently, with hundreds of millions of asset losses. People thought they would not be in trouble by putting their assets in their wallets, but they were unaware of the security risks left in the process of participating in various DeFi applications, and hackers’ hands crept into your wallet, eventually letting it be a lesson. Users can pay the greatest price for entering the phishing website, the pirated app market, installing the wrong wallet, or losing a lot of assets due to a simple contract authorization.
There has been a spate of blockchain security incidents recently.
On Oct. 2, Transit Swap， a cross-chain dex aggregator, which is the flash exchange service provider for Token Pocket wallets, lost more than $21 million after a hacker exploited an internal vulnerability in its swap contract. It is a decentralized token exchange system implemented through smart contracts. Users can exchange different tokens through a simple approving process. However, this is where the security risk lurks, as the smart contract has the ability to transfer the user’s crypto assets once the user has approved it. Approval means that another account is allowed to use part of the user’s assets without informing the user. Therefore, we would like to remind all users to be extremely cautious when executing approved operations, and secondly, to manually limit the authorization amount in order to reduce the risk.
In the early morning of October 7 BJT, BNB chain, one of the most active public chains in the world, was attacked by hackers, who took advantage of the contract vulnerability of BNB chain’s cross-chain bridge “BSC Token Hub” to issue a large number of BNB tokens, acquiring a total of 2 million BNBs, worth about 580 million US dollars, in two installments. This became the most serious blockchain hack in recent times.
As of 2022, cross-chain bridge hacks accounted for 69% of hacks, with more than $2 billion stolen, according to Chainalysis. One of the world’s most popular blockchain games, Axie Infinity sidechain Ronin Cross-chain Bridge lost about $620 million. The cross-chain bridge Polynetwork was also hacked to steal over $600 million in assets due to a breach.
The successive hacking incidents are all warning people of the importance of blockchain security. Keeping skepticism, multiple corroborations, and improving cognition may be the basic cultivation for every user to participate in the blockchain, but a more professional security audit is the “moat” of blockchain application security.
Qitmeer Network adopts the BlockDAG protocol, a naturally scalable solution of the classic blockchain model, as the underlying infrastructure, combining PoW consensus with a 50% computing power security level and a streamlined and stable UTXO transaction model to ensure security and decentralization while breaking Bitcoin’s TPS limit at the protocol layer, and through extensive engineering-level optimization, it can provide fast consensus, high performance, high security, and fully decentralized underlying network environment for ecological applications.
Nowadays, the blockchain industry is in an eventful period with the rise of smart contract applications and security incidents occur frequently. In order to make the blockchain system better applied and develop benignly, “security” is always the sword of Damocles in this industry, which should always be vigilant and guarded. For Qitmeer Network, “security” is still the top priority of the network. In addition to PoW miners, who built a solid “firewall” for the underlying network, the “Lunaray” team, which focuses on blockchain security, announced that it has joined the network. Lunaray” team announced joining Qitmeer Network, which will build a “moat” for the network, providing the best security tech support.
The “Lunaray” team will provide security audit services for ecological projects, and all projects building ecology on the Qitmeer chain will get a discount on audit fees. In addition, Lunaray team will immediately pay attention to security incidents on the Qitmeer chain and assist in tracking back.
LUNARAY BLOCKCHAIN SECURITY
LUNARAY BLOCKCHAIN SECURITY (Lunaray for short), founded in 2018, is a professional blockchain security solution provider. The company team focuses on blockchain ecological infrastructure security research, as well as Web 3.0 security attack and defense technology research.
Lunaray team has rich practical experience in security attack and defense. Combined with big data analysis and processing, Lunaray team can provide users with blockchain security breach risk detection and security defense, enterprise-level blockchain application innovation solutions.
Twitter: https://twitter.com/lunaray_sec
Website : https://lunaray.co
