Case study
Cryption Network ($CNT)
0/99
Security score was flagged in the AI audit
$CNT tokens
ARC's advanced technology would have definitively prevented the drastic devaluation from the unauthorized creation of 100 billion $CNT tokens.
ARC Audit:
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Problem Statement
The Cryption Network token ($CNT) experienced a severe security breach. The attacker obtained the private key of the Polygon token contract, allowing them to mint approximately 100 billion $CNT tokens. These tokens were then immediately sold off, causing a drastic drop in $CNT's value and security rating.
Analysis
An analysis of the incident showed that the token's security vulnerabilities were a critical factor in the exploit. The security rating of $CNT was alarmingly low, scoring 0 out of 99 points in the ARC Audit, indicating numerous red flags in its security infrastructure.
Results
Archimedes can play a crucial role in increasing awareness about the hack through its generated audit. Users who saw the audit from ARC Audits were informed and alerted to the low security score and numerous red flags of $CNT. This awareness would have helped prevent further losses by enabling informed decision-making for those involved in the DeFi space.
Conclusion
The Cryption Network token hack underscores the importance of rigorous security measures in the DeFi ecosystem. Archimedes’ audit tool proved invaluable in highlighting critical vulnerabilities, emphasizing the need for continuous security monitoring and assessment in cryptocurrency operations.
