📜Scallop Security Report - Post Cetus Incident Review

Since the launch of Scallop, security has been Scallop's top priority to ensure our user's peace of mind as we scale and grow on @SuiNetwork.

Over the months of development, the Scallop Team has implemented several security measures and initiatives to mitigate and prevent cases of exploit, be it on a smart contract level or user level.

🔒Security Initiatives by Scallop:

1. Open-Source Smart Contract: Scallop is the first DeFi protocol on Sui to make our smart contract open-sourced. By doing so, we allow developers to build on Scallop, as well as invite the community to review and identify any potential vulnerabilities in our smart contracts.

2. Bug Bounty Program: With a prize reward up to $300,000.00 USD, Scallop invites the Sui community to help us maintain the highest security standards through our bug bounty program. Each submission is reviewed seriously with severity taken into account.

3. Security Audits & Partners: All of Scallop's smart contracts have undergone stringent security audits with our security partners @MoveBit_, @zellic_io and @osec_io.

With various security measures in place, we are thankful to share that Scallop's protocol and smart contracts are not affected in any way by the recent @CetusProtocol incident.

Upon being notified of the exploit, Scallop Team took swift actions to pause all borrowing on Scallop DApp, therefore preventing any activity from the perpetrator on Scallop DApp.

We have also conducted an internal review of Scallop smart contracts and protocol security, and confirmed that all user funds on Scallop are SAFU.

Moving forward, Scallop is focused on further strengthening our protocol security through audits and reviews. We are also working on making several parameter adjustments based on the current liquidity on Sui to reduce the risk and limit the size of Scallop pools.

Learn More about Scallop's Security:
🔗Smart Contract Audits: https://t.co/qPD6zjPA1z
🔗Bug Bounty Program: https://t.co/PVBoYUCIHj