Web3 startups get security boost as CertiK joins Cointelegraph Accelerator

Web3 Ecosystem Expansion Despite Crypto Bear Market

Despite the crypto bear market, the Web3 ecosystem is still expanding. Adhering to the idea that “bear markets are beneficial for creators”, developers are still entering the Web3 space – the blockchain-based world ruled by smart contracts. Data from early 2023 indicates that the number of monthly active Web3 developers had risen to more than 23,300 in 2022.

As the Web3 developer community transitions into a well-established industry, the security of the technologies that support the ecosystem is becoming increasingly important. Smart contracts, which are programs that automatically carry out an action on the blockchain when particular criteria are fulfilled, are the foundation of the blockchain-based industry.

Prior to the launch of a decentralized application (DApp), it is essential to carry out a smart contract audit to avoid security problems and fiscal risks. As Web3 and decentralized finance (DeFi) are based on blockchain technology, flaws in smart contracts can result in hacks and protocol exploitation. In view of the fact that more than $3 billion was lost to hacks and scams in 2022, Web3 requires more reliable security measures.

CertiK Joins Cointelegraph Accelerator Program as Security Provider and Mentor

CertiK, a blockchain and smart contract security expert, has been welcomed to the Cointelegraph Accelerator program as a security provider and mentor in order to offer the best security solutions for upcoming Web3 startups.

As the provider of security solutions favored by the Accelerator program, CertiK will provide an evaluation of projects to guarantee that Accelerator participants are given the highest level of security in a prompt manner. Carrying out a comprehensive audit of smart contracts is essential for Web3 startups, as it guarantees that the base of their project is up to the highest standards of security and openness.

CertiK, as experts in blockchain security, will also be providing mentorship to Web3 startups by hosting a series of educational workshops on topics such as Web3 security, smart contract audits, and Know Your Customer (KYC) procedures.

CertiK Analyzes Crypto Exploits, Scams and Hacks in April 2023

In addition to its audits, CertiK is also recognized for monitoring the crypto space for attacks, rugpulls and scams. Their security experts produce yearly and quarterly reports on industry developments. In a recent report, CertiK conducted an in-depth analysis of the $103.7 million that was lost as a result of crypto exploits, scams and hacks in April 2023. The research revealed that an exploit of MEV trading bots was responsible for the biggest portion of crypto stolen in April.

The top five most widespread exploits in the cryptocurrency industry during April, according to CertiK.

“At CertiK, our co-founder Ronghui Gu recognizes that security and transparency are essential as we strive for a decentralized future. It is our mission to promote these values in the Web3 world, and our partnership with CoinTelegraph’s Accelerator Program allows us to work with those at the forefront of the space.”

Launched in 2023, the Cointelegraph Accelerator program seeks to foster the development of pioneering Web3 products. The program assists promising Web3 startups in achieving their maximum potential by raising their visibility through Cointelegraph, an established crypto and blockchain media outlet since 2013. Drawing upon its expertise and proficiency in blockchain and smart contract security, CertiK will collaborate with Cointelegraph Accelerator in order to raise the security and openness standards of the quickly advancing Web3 realm.

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