Moria, a BCH-based stablecoin issuance protocol, has been successfully audited by Hashlock, a Web3 security and smart contract auditing company. The audit found the code powering the stablecoin platform was “secure, logically ordered, and constructed with clear intent.”
BCH Stablecoin Issuance Protocol Moria Passes Security Audit
Moria, a BCH-based stablecoin issuance protocol, has passed a security audit to increase the safety standards of its operations. The platform, which receives Bitcoin Cash as collateral for the loan of MUSD, a 1:1 dollar-pegged stablecoin, opens a market for traders to access liquidity without losing access to their Bitcoin Cash tokens.
The audit, executed by Hashlock, a known Web3 security and smart contract auditing company, found that the platform had no security issues, opening its doors for more users to try and adopt it, given the higher security standards reached.
In a press report, Moria stated that Hashlock stressed the platform was secure, finding only a minor vulnerability that was resolved as part of the audit.
After reviewing Moria’s codebase, Hashlock concluded it “seems to have a sound and well-tested code base, now that our vulnerability findings have been resolved. Overall, most of the code is correctly ordered and follows industry best practices.”
With this new audit, Moria deepens its commitment to verifying the security of its platform. Dagur Valberg Johansson, a 10-year bitcoin veteran and co-founder of Riften Labs, the company behind Moria, has repeatedly criticized the current state of centralized stablecoins, stressing that the age of “trust-me-bro” stablecoins is over.
Halvor Bakke-Veiby, a rocket scientist and co-founder of Riften Labs, also highlighted the need for Moria and similar protocols as a way of safeguarding the health of the wider crypto ecosystem.
He stated:
Trust-me-bro stablecoins constitute one of the biggest attack vectors for crypto as a whole. If liquidity is not migrated to secure, transparent, and on-chain collateralized stables, it could prompt a future black swan event for the entire crypto industry.
