Why Crypto Audits Don’t Mean A Damn Thing
Since I began my cryptocurrency company, ARKIA Crypto, the crypto underground has bombarded me with the phrase, “rug pull”. A rug pull is a malicious maneuver in the cryptocurrency industry where crypto developers abandon a project and run away with investors’ funds. Being the man that I am, it offended me that someone would think I would throw away my reputation to become a contagion in the business world. In a brainstorm session the idea of requesting a crypto audit came up to reaffirm any potential investors. A crypto audit is a process where an outside company supposedly looks through cryptocurrency coding and notifies you of any potential threats or vulnerabilities, by the way, anyone with coding knowledge can notify you of threats in your code and many do! My response to that idea was “Hell No”!
I choose not to do an audit because my cryptocurrency coders are world class plus other professionals in the crypto blockchain have screened our work. Out of curiosity I did contact Certik, a crypto auditing company to get an estimate on pricing. I got an answer 3 days later; there base price for auditing is $9,000, Before I could take $9000 of a possible bonus for one of ARKIA’s employees I did some investigating to look further into crypto auditing and found a company named Thodex that had an audit done. Thodex was a Turkish cryptocurrency exchange with about 400,000 users that got rug pulled while the company’s CEO allegedly took $2 billion of customer funds (Cylynx, 2021). Another company, Compounder Finance got away with 10.8 million of investor funds (Cylynx, 2021). Even though the company had been audited previously, the team swapped the safe and audited contracts and replaced them with malicious contracts that enabled them to steal investor funds. And finally, Meerkat Finance, on its official Telegram channel, claimed that its smart contract vault was compromised and $31 million worth of crypto assets had disappeared (Cylynx, 2021).
These are the reasons Crypto Audits Don’t Mean A Damn Thing. An audit does not predict anyone and besides its already written in the stars, ARKIA labs will dominate the AI — Human healthcare market. Arkia is a global company that focuses on the development of complex AI and communal human integration. Geneticist Chris Mason — who was involved with NASA research on the biological effects of astronauts in space has written a 500-year plan to re-engineer human genetics to make long-term space travel and even settlement on other worlds possible. Arkia Labs aims to shorten that plan by more than half by upgrading the DNA of future astronauts through gene therapies or gene editing. We solve a real problem that enables AI researchers, physicians and scientific clinicians’ access to genetic material and health data to enhance and regenerate future existences and no audit in the world will ever be able to measure our passion and enthusiasm for humanity.