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> Pay a security researcher for an independent review Yes, that is the normal practice, and any bigger project worth their salt pays for an external security a
by hobofan 6y ago
> Pay a security researcher for an independent review
Yes, that is the normal practice, and any bigger project worth their salt pays for an external security auditor.
- notJim 6y agoDo we know that this project wasn't audited?
- hobofan 6y agoWhat is generally audited is the source code. You can then verify is that the audited source code matches the deployed source code. That ability is lost to some degree (or not as transparent) if you use upgradable proxy contracts (which Meerkat did). Given the young age I don't see any indication that anyone audited the proxy contracts and their usage. As explained in the blog post of the top comment here (https://obelisk.medium.com/meerkat-finance-and-the-0-that-was-worth-31m-769d9321d245 https://obelisk.medium.com/meerkat-finance-and-the-0-that-wa...), this was clearly an exit scam by the Meerkat developers, which is exactly why users shouldn't put any significant amount of money into contracts that haven't been audited by a reputable external auditor.