Quantstamp Community Update - April 2020

Here’s what happened at Quantstamp in April:

DeFi Attacks

Attacks rocked multiple prominent DeFi projects this month, from Uniswap to dForce to recently launched Hegic Options. 

Both Uniswap and dForce suffered from re-entrancy attacks. Uniswap, a decentralized token exchange, experienced an attack on imBTC, an ERC277 token which it is not designed to support. By exploiting re-entrancy, the attacker was able to make off with roughly 300K in crypto assets. 

That same weekend, Lendf.Me, a collateralized lending platform, suffered a similar re-entrancy attack on its imBTC token. This time the damage was more severe, with $25 million stolen. Thankfully, the story ends happily, as the hacker ended up returning the money.

Read more about this attack in detail here. 

Crypto against COVID

As COVID-19 spreads, the blockchain industry is standing together to help support frontline workers fighting the disease. CryptoAgainstCOVID is a movement, spearheaded by Binance, to raise funds to support equipment for frontline workers, with donations transparently published on the blockchain.

We were happy to contribute to this. Read more or make a donation.  here. 

Maker Backstop Auction

On March 12th, the price of ETH crashed over 50%. The resulting drop, along with extremely high network traffic, resulted in the MakerDAO system becoming undercollateralized by falling below its 150% collateral requirement. 

To fix the collateral shortfall, MakerDAO arranged an MKR auction, where MKR would be minted and sold. Quantstamp, along with other ecosystem players, formed a backstop syndicate, designed to backstop this auction and make sure it succeeded. 

Read more here. 

DID Alliance

In April, we joined the DID Alliance. DID Alliance aims to bring together various decentralized ID projects, allowing them to be interoperable. Targeting the global market, the DID Alliance aims to bring the benefits of digital identity to both developed and emerging markets.  

Read more here. 

Media Appearances
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Quantstamp on DeFi

Following Black Thursday last month, Leigh Cuen from CoinDesk interviewed Richard as part of her conversation on how Chicago’s trading firms who are looking to promote decentralized finance. He spoke about Quantstamp's role in the DAI Backstop Syndicate audit and provided insight into possible security vulnerabilities in the DeFi space.

Read the full article.

Improving Customer Retention And Loyalty Programs With Blockchain

Loyalty programs are a strategic investment that companies can't afford to overlook. In his latest Forbes article, Richard Ma shares how blockchain can bring more transparency and efficiency to the customer experience.

POVCrypto 

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We were happy to sponsor POVCrypto in April. POVCrypto talks to prominent projects and personalities in the blockchain industry, with a unique perspective that represents both Bitcoiner and Etherian's points of view.

Our favorite episodes for April:

• Internet of Money with Vitalik Buterin
• Dissolving the Maker Foundation with Rune Christensen
• Anchored in Crypto with Nathaniel Whittemore
• Human Values and Robot Protocols with Nic Carter

Keep up with Quantstamp

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Note: This update includes information and forward-looking statements about upcoming events and concepts under continuing development. Schedules, features, and functionality are subject to change or cancellation at any time and you are not to place undue reliance on this information or any forward-looking statements.