Lido Insurance Fund Audited By Security Firm Statemind, No Critical Vulnerabilities Discovered

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Oct 11, 2022, 08:59 ET

DUBAI, UAE, Oct. 11, 2022 /PRNewswire/ -- Statemind, a newly launched blockchain security auditing firm that prevented the third-largest hack in DeFi history, has revealed the results of yet another audit of leading liquid staking solution Lido. The latest audit report focuses on the Lido Insurance Fund.

Statemind Releases Lido Insurance Fund Audit Report

Blockchain security auditing experts Statemind have published an eleven-page report outlining the Lido Insurance Fund project. The Lido Insurance Fund is a contract that serves as a store for funds allocated for self-insurance purposes.

Lido is a rapidly-growing staking liquid solution for a variety of cryptocurrency protocols. More than 30% of staked Ethereum is attributed to Lido's staking pools, demonstrating significant market share across the cryptocurrency industry.

Four informational bugs were reported to the Lido team involving easily fixable vulnerabilities that pose no significant threat to Lido users or funds. The report turned up no concerning vulnerabilities of a critical nature.

Statemind Improves Blockchain And Crypto Industry Security

The Lido Insurance Fund report is the second audit released by Statemind since its public debut.

During its first month in operation, Statemind stopped what would have been the third-largest hack in DeFi history, ranked by total value saved. Statemind clients also include Yearn.Finance and 1INCH.

The full Statemind audit report and further details about the informational discoveries are available at the official Statemind blog.

About Statemind

Statemind has more than 100,000 LoC worth of Solidity and Vyper experience. Combined, the blockchain security auditing firm has secured over $10B in TVL.

Statemind discovered a critical vulnerability and prevented an estimated $350M+ in damages, and would have been the third-largest DeFi hack in history according to rekt leaderboard.

To learn about Statemind, visit the statemind.io website or follow Statemind on Twitter.

CONTACTS:

Alsu Irkabaeva, [email protected]
King Eezzy, [email protected]

Photo: https://mma.prnewswire.com/media/1918266/Statemind.jpg

SOURCE Statemind