xBank puts the security of our users' funds as the first priority. we've taken the following measures to ensure users are protected from risks associated using a blockchain application.
Security Audit is especially important for protocols launched on StarkNet since the supported language is Cairo and NOT Solidity. What this means is that projects can't just simply fork existing protocol on Ethereum and other EVM-compatible chains. All codes must be ported into Cairo (or in our case, written from scratch) which could create potential vulnerabilities. We advise that users carefully check whether a protocol on StarkNet is properly audited before deploying capital.
At xBank, you can rest assure that your fund is safe. As part of the process for any release of our features and products, we will always engage with third-party professional security firms to audit our contracts.
While we are highly confident in our team's capability, new hacks and exploits are becoming more advanced. Albeit a strict code review process, vulnerabilities could theoretically slip through our internal process. Getting our contracts audited by a third-party firm will significantly reduce the risks from potential security issues.
xBank is the first protocol to be written in Cairo and complete the audit process on StarkNet. To date, xBank has received 1 audit report, which is listed below:
We are in the process of setting up a formal Bug Bounty program with Immunefi with a maximum reward of $50k for critical vulnerabilities. The program will help add another layer of security to our contracts. The community and whitehats will be incentivized to look for potential vulnerabilities that might have not been identified in the audit.