Home Learning Audit & KYC is not mean safe why?

Audit & KYC is not mean safe why?

Last updated on Jun 17, 2024

Why audit & kyc is not guaranty anything is safe?

The primary reason is that even if all checks do not reveal any security vulnerabilities or code errors, fraud can still occur in various ways. These include hard-to-detect soft rugs, token-selling fraud, project abandonment after unlocking funds, and pre-sales without project launch.

Auditing these issues is challenging, which is why every audit company includes a disclaimer stating, “Audit & KYC is not an investment advice document.” We always display this section prominently and continually remind everyone about it.

What are the benefits of audit and KYC?

For Smart Contract Audits, we evaluate security issues including severe vulnerabilities, code errors, and logical calculations. At SCRL, we utilize a variety of tools that are more efficient than those of other companies. Additionally, we provide advice on gas optimization and code improvement.

For KYC, we are the first to use the Web3 wallet system along with Sanction checks, PEP checks, OCR, Facial Recognition, and Liveness Detection systems to verify identities. However, if any project completes KYC with us and is later found to be a scam, we may release their personal information and strictly cooperate with law enforcement agencies, as outlined in our terms of service. Always remember that KYC does not guarantee the safety or legitimacy of any project.

***For the KYC system, we have connections to international databases such as Interpol, FBI Most Wanted, Europol Most Wanted and external networks in more than 20 countries, using third party APIs that are in the top-tier of the crypto industry.