Case study: Hacken performed smart contract audit for Legolas Exchange
There is both an existing and growing hacking threat within the crypto industry. Emerging ICO startups, well-established companies, exchanges and wallets face daily hacking attempts. Companies with weak cybersecurity endanger not only their own sustainability but also the assets of their clients, investors, and users. At the same time, organizations that focus on cybersecurity development make a significant contribution to the global elimination of this hacking threat. Thus, we are proud to introduce you to a company that is making a contribution to the cybercriminal struggle — Legolas Exchange — our recent smart contract audit client.
What is Legolas Exchange?
Legolas is one of the first viable crypto-exchange platforms based on blockchain technology. Having analyzed the drawbacks of centralized and decentralized exchanges, Legolas designed a premium Hybrid Exchange. The exchange is comprised of a decentralized ledger within its exclusive centralized platform. This innovation allows the conducting of large-scale cryptocurrency trading with a level of quality and transparency never seen before.
Legolas Exchange is a young French ICO startup. Its mission is to create a fair environment for institutional and other large-scale investors to manage their cryptocurrencies and digital assets. On February 1st , they successfully completed their public sale.
The company’s innovative decentralized blockchain protocol assures complete transparency and hinders front-running or market manipulation. It combines features of both centralized and decentralized architectures with the aim to give the best of both — simplicity, fiat support, strong authentication, and fairness.
The Importance of Smart Contract AuditIndeed, Legolas is concerned about the recent spate of Smart Contract hacks, leading them to make sure their Token Sale was 100% secure. Even their White Paper begins with a description of large token thefts, for example Mt. Gox, which lost $473 million.
Legolas Exchange believes that their security and auditing needs should be met in the most efficient way possible. In keeping with this, the company chose Hacken’s white hat hacking service to secure their crowdsale. Both Legolas and Hacken believe there is an urgent need to focus on cybersecurity as part of their social responsibility.
Hacken conducted the Smart Contract audit of the Token Sale for Legolas. SC are a necessary attribute of a token sale. They enable investors to buy tokens automatically and with bonuses during ICO. With Hacken’s help the crowdsale was secured, and crypto investors could confidently buy the desired amount of tokens. As a strategic security partner, the Hacken Ecosystem will ensure 100% security for the future products of Legolas Exchange going forward.
In the near future, we are aiming to provide Legolas with all CS services, including a bug bounty program, as we are both interested in making the crypto industry a safer place. We hope our cooperation is going to promote safe and ethical behavior to leaders of other IT companies. The progress of the crypto industry and the blockchain community is directly dependent on its security. We can reach the desired level of success only by means of mutual cooperation and a sharp focus on hacking threats. Let’s keep moving quickly towards our common goal!
At Hacken, we take security extremely seriously, and all the checks are performed according to the highest standards. If you have any questions about the topic or need a consultation, feel free to contact our Team!
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