To prevent hacks in decentralized finance (DeFi), the crypto industry needs to commit to universally agreed-upon security standards, the security lead for smart contract auditing firm OpenZeppelin told Decrypt.
Speaking at this year's EthCC event, OpenZeppelin security solutions architect Michael Lewellen emphasized the importance of setting a “standard on security” with a “broad agreement” across the auditing firms and developers in the space to protect users.
Currently, protocols rely on audit reports from blockchain security firms. However, there have been instances in the past where an auditor didn’t find bugs, but the contracts were hacked regardless.