Case Studies
Case Study on Cryption Network Token ($CNT)
ARC's advanced technology would have definitively prevented the drastic devaluation from the unauthorized creation of 100 billion $CNT tokens.
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Executive
Summary:
This case study examines the hack of the Cryption Network token ($CNT) on July 14, 2023. The incident involved an attacker gaining control of the private key for the Polygon token contract, leading to a significant loss of funds.
Problem
Statement:
This case study examines the hack of the Cryption Network token ($CNT) on July 14, 2023. The incident involved an attacker gaining control of the private key for the Polygon token contract, leading to a significant loss of funds.
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
