Why do you need an External Smart Contract Audit
Historically, a single bug in smart contracts has led to irrecoverable loss of funds or locking up of millions of dollars. Some of the recent examples are listed below:
1. Lendf.Me, a lending platform within DForce ecosystem was exploited resulting in locking up of ~$25M worth of ETH
2. The Parity wallet and Parity 2 Hack in ’17 resulted in cumulative loss of more than 6,50,000 ETH
3. Factom-based Decentralised network PegNet was subjected to 51% attack in April ’20.
All these hacks point out to one thing – the need for better security standards and regular security audits of projects.