#certik #flashloan #defi #blockchain #cryptocurrency A new CertiK series giving users bite-size tips and info to stay informed and safe in the #crypto space. Episode 9: What is a Flash Loan? Learn how a #flashloan works and more in under 2 mins! https://certik.com/products/skynet Transcript: A flash loan is an uncollateralized short-term loan. They are a new invention in the Defi space, introduced by the lending protocol, AAVE. A smart contract is used to borrow and repay flash loans in the same transaction. If a flash loan isn’t repaid in the same transaction, the transaction fails, making it as though the loan never happened. Flash loans present an opportunity for high-frequency and arbitrage traders with the ability to instantaneously access capital, allowing a trader to sell on one exchange and purchase on another. Arbitrage was more common when liquidity was low and exchanges didn’t share price feeds. Flash loans have been used to attack exchanges and protocols. This occurs when a malicious user takes out a flash loan from a lending protocol and uses the borrowed funds to manipulate prices on another protocol. Flash loan attacks are very lucrative because the attacker does not have to deploy a lot of capital to carry out the attack. Smart contract audits are a necessary first step in mitigating a flash loan attack. CertiK’s Skynet on-chain monitoring helps recognize these attacks in real-time and broadcasts community alerts on the Security Leaderboard. From smart contract audits to on-chain monitoring, there are tools in place to help projects build safer protocols from the ground up. To learn more about flash loans, visit CertiK.com/resources.

New Security in 60 Seconds episode Give us 1 minute, and we'll give you the findings. Check out the review of Position Exchange's audit report on CertiK's Security Leaderboard. https://www.certik.com/projects/positionexchange Transcript: Auditing is a complicated and essential step in the security process. At CertiK, we review the top DeFi projects to help you better understand the findings from our experts. Position Exchange is The Next-Gen Decentralized Trading & Crypto Platform with a whole Ecosystem running fully on-chain. This audit covers Position Exchange on the Binance Smart Chain platform. The summary describes the audit and the types of analyses used. Overview shows the programming language, the blockchain used, and a link to the project's codebase. The Vulnerability Summary lists issues that need resolution. Audit Scope displays which contracts were audited. Findings highlight all issues and ranks them in terms of severity from critical to discussion. In this audit, we found 0 Critical, 2 Major, 2 Medium, 3 Minor, and 1 Informational issues. Position Exchange has all of the issues pending. Visit CertiK.com for the full report.

New Security in 60 Seconds episode Give us 1 minute, we'll give you the findings. Check out the review of APECOIN's audit report on CertiK's Security Leaderboard. https://certik.com/projects/ApeCoin Transcript: Auditing is a complicated and essential step in the security process. At Certik, we review the top DeFi projects to help you better understand the findings from our experts. APE will serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse. This audit covers the ApeCoin Airdrop Smart Contract on the Ethereum platform. The project summary describes the audit and the types of analyses used. Overview shows the programming language, the blockchain used, and a link to the project's codebase. The Vulnerability Summary lists issues that need resolution. The Audit Scope displays which contracts were audited. Findings highlight all issues and ranks them in terms of severity from critical to discussion. In this audit, we found 0 Critical, 1 Major, 0 Medium, 0 Minor, and 3 Informational issues. The Ape Foundation has acknowledged all of the issues. Visit CertiK.com for the full report.