Introducing Quantstamp’s Economic Exploit Analysis: A New Tool to Prevent Flash Loan Attacks
– Quantstamp has launched a new service called Economic Exploit Analysis to detect flash loan attack vulnerabilities in smart contracts.
– Flash loan attacks involve hackers manipulating DeFi protocols by borrowing substantial funds through uncollateralized loans.
– These attacks can drain the entire TVL of a DeFi protocol, and they often evade conventional audits.
– Quantstamp collaborated with researchers from the University of Toronto to develop this automated tool, which will reduce the number of flash loan attacks in the DeFi ecosystem.
– The Economic Exploit Analysis service will provide an extra layer of security on top of smart contract audits, fostering a safer environment for DeFi companies and users.
Public-Private Collaboration to Bring EEA to the Market
– Quantstamp collaborated with researchers from the University of Toronto to advance their flash loan attack research into an automated tool.
– The tool, now fully developed, will be available as a service called Economic Exploit Analysis for both deployed and undeployed protocols.
– The collaboration aims to reduce the number of flash loan attacks and the amount of funds lost to these hacks in the DeFi ecosystem.
EEA Makes Audits More Effective And Practical
– The Economic Exploit Analysis tool will detect flash loan attack vectors that involve multiple protocols, enhancing its practical success rate.
– While the tool is non-exhaustive, its remarkable success rate and adaptability to different blockchains make it a valuable addition to security measures.
– Quantstamp plans to adapt the tool to other blockchains and virtual machines suffering from similar attack vectors.
Conclusion
– Quantstamp’s Economic Exploit Analysis service, along with its smart contract audits, will create a safer and more secure environment for DeFi companies and users.
– Quantstamp offers security services for multiple blockchains, including Ethereum, Solana, Cardano, and more.
– To learn more about the Economic Exploit Analysis service and other auditing services, visit quantstamp.com/economic-exploits.
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