Quantstamp is a security firm that helps in auditing the Smart Contracts built on top of the Ethereum network. Recently, the company audited the ERC20 tokens listed on Binance exchange and found out that all of them are safe and not affected by the recent vulnerability that was found in most of the ERC20 tokens. Let us have a detailed look at this audit.
Batch Overflow Bug
We have already covered about this in our previous post about the bug that was found in most of the ERC20 tokens. The BatchOverflow vulnerability was deducted in most of the ERC20 tokens and is vulnerable to loss of millions of funds if this is not fixed. The hacker can theoretically get access to a huge amount of tokens by exploiting this bug. After this bug was discovered, many exchanges froze the wallets of all the ERC20 tokens to safeguard customers’ funds.
The Bug was first reported by PeckShield when he ran an automated scanning on one of the ERC20 tokens and found out that a large number of tokens were getting transferred from the BeatyChain (BEC) smart contract. This led to the discovery of the batch overflow bug and later it was found that most of the ERC20 tokens are vulnerable to this bug.
Quantstamp Supporting Affected Tokens
Quantstamp is an independent security firm that audits Smart Contracts for security flaws. The firm has contacted many tokens and exchanges to help them fix this vulnerability. Their intention is to help the community and make the Ethereum ecosystem more robust and they won’t be making any profit out of it.
Quantstamp Clears Binance
Quantstamp did an audit on all the ERC20 tokens listed on the Binance exchange. Binance is an important exchange since billions of dollars of tokens and cryptocurrencies are traded on a daily basis. They cannot afford to lose funds due to vulnerability since the impact will be on a large scale.
Binance is known for the high standards and gives security its top most priority while listing any coins or tokens. The procedure to get listed on Binance exchange is tiresome since they follow strict policies and procedures.
Quantstamp notably performed automatic and manual audits on all the ERC20 tokens listed in the Binance Exchange. To everyone’s surprise, they have not found a single vulnerability affecting any of the tokens listed on the exchange. They also declared that all the tokens listed are safe and the recent BatchOverflow bug is not affecting any of the tokens listed.
Below are the comments from Quantstamp after doing a successful audit in the world’s biggest exchange
“Quantstamp shares Binance’s safety-first philosophy in protecting their customers and supports the exchange’s ambitions to create the gold standard in security for the mass adoption of digital currencies. In light of the recent vulnerabilities, we are proud to have assisted Binance in its mission to help protect their token holders and the wider Ethereum community”
We are really happy to see that some of the big exchanges like Binance are very responsible and give customer safety and security the utmost importance rather than listing all the tokens without any proper procedure or policy. Most of the other exchanges should learn this from Binance and follow suit to give a secure environment for their customers to trade.