Web3 Startups Receive Enhanced Security with CertiK’s Addition to Cointelegraph Accelerator
Despite the current bear market in the crypto industry, the Web3 ecosystem continues to thrive. In fact, the number of monthly active Web3 developers grew to over 23,300 in 2022. As the Web3 developer community expands and becomes more established, the security of the underlying technologies becomes increasingly important.
The Importance of Smart Contract Audits for Web3 Startups
At the core of the blockchain-based industry are smart contracts, which are software programs that automatically execute actions on the blockchain when certain conditions are met. Before deploying a decentralized application (DApp), it is crucial to conduct thorough smart contract audits to identify and address any security vulnerabilities.
Web3 and decentralized finance (DeFi) projects rely heavily on blockchain technology, making them susceptible to hacks and exploits if their smart contracts are not secure. In 2022 alone, more than $3 billion was lost to hacking and scams, emphasizing the urgent need for improved security solutions in the Web3 space.
CertiK Joins Cointelegraph Accelerator as a Security Provider and Mentor
CertiK, a leading expert in blockchain and smart contract security, has recently joined the Cointelegraph Accelerator program to provide top-notch security and mentorship to up-and-coming Web3 startups. As the preferred security solutions provider for the Accelerator program, CertiK will assess projects to ensure that participants receive the highest level of security in a timely manner.
A comprehensive smart contract audit is essential for Web3 startups, as it guarantees that the foundation of their project meets the highest standards of security and transparency. CertiK’s expertise in blockchain security will also be shared through educational workshops covering Web3 security, smart contract audits, and Know Your Customer (KYC) processes.
Monitoring the Crytpo Ecosystem for Attacks and Scams
In addition to audits, CertiK actively monitors the crypto ecosystem for attacks, rugpulls, and scams. Their security experts publish annual and quarterly reports on industry trends, providing valuable insights to the community. In a recent report, CertiK delved into the $103.7 million lost in April 2023 due to crypto exploits, scams, and hacks. The study revealed that an exploit of MEV trading bots accounted for the largest portion of stolen crypto during that period.
“As we strive towards a decentralized future, we recognize that security and transparency are of utmost importance,” said Ronghui Gu, co-founder of CertiK. “Our mission is to elevate the standard of security and transparency in the Web3 world. Partnering with CoinTelegraph’s Accelerator Program is a fantastic opportunity to collaborate with pioneers in this space.”
The Cointelegraph Accelerator program, launched in 2023, aims to support the growth of innovative Web3 products. By partnering with CertiK, the program not only enhances the security of projects but also instills confidence among investors and the broader crypto community. Having been a prominent player in the crypto and blockchain media industry since 2013, Cointelegraph provides valuable exposure to promising Web3 startups.
As the Web3 ecosystem continues to expand, ensuring robust security measures is crucial for the success and sustainability of Web3 startups. CertiK’s addition to the Cointelegraph Accelerator program further strengthens security in the Web3 space, supporting the growth and development of groundbreaking projects. Investors and the crypto community can have confidence in the credibility and safety of Web3 startups backed by CertiK’s comprehensive audits and expertise.
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