Audit Company

Halborn

Halborn was founded in 2019 by renowned ethical hacker Steven Walbroehl and growth hacker Rob Behnke. The fully remote organization has since grown to over 100 security engineers in the world.
DSA presents a unique series of reports on the smart contract and blockchain app auditor market. This report is published for the first time and is not affiliated with any specific vendor. The DSA expert team has performed an in-depth analysis of the blockchain security providers in the market. For that, a methodology was developed, and specific criteria were selected. The data provided in the report are actual for March 2024.
Contents
The main criteria for auditor review
1
Trustworthiness
At this point, we analyze the team, key players, as well as the experience of the company in the field.
2
Media Presence
In this paragraph, we analyze the social networks of the project, the engagement rate, and media publications.
3
Speed and service
In this paragraph, we analyze the speed of the audit as well as the speed of the team's response to the request.
4
Expertise
At this point, we analyze the company's experience with different networks, technological advancements, as well as additional services.
5
Price
In this paragraph, we analyze prices and additional services (We send the same sample contract to every auditor), sales, promo offers, bonuses, discounts, and legal transparency.
6
Quality
In this paragraph, we analyze audit quality, report analysis, and user experience.
Categories and sub-categories
6 categories are present in the review and each may be divided into sub-categories. Each category is evaluated to receive from 1 to 10 points. The same rule applies to each sub-category and the arithmetic mean value of the sub-categories will become a result of the main category. The main result will be calculated in the same manner.
Trustworthiness
  • Team members' separate experiences in the field
  • Current team’s experience in the field
  • Company experience (years of service, date of the first audit)
Media Presence
  • Social media (engagement rate, further – ER)
  • Media publications
Speed
  • Audit speed
  • First response speed (from a real person)
  • Follow-up response speed
Expertise
  • What blockchains does the company audit (rare chains and language get an additional point)
  • Technological advancements (developments, tools, automated tools)
  • Services (KYC, Incident research, marketing)
Price
  • Prices and additional services (We send the same sample contract to every auditor)
  • Sales, promo offers, bonuses, discounts
  • Legal transparency
Quality
  • Audit quality, report analysis
  • User experience

Detailed analysis

6 categories are present in the review and each may be divided into sub-categories. Each category is evaluated to receive from 1 to 10 points. Same rule applies to each sub-category and the arithmetic mean value of the sub-categories will become a result of the main category. The main result will be calculated in the same manner.

Trustworthiness

Average score 9/10

1

Team members' separate experiences in the field

According to the company website, the leadership team consists of 11 members. The three team leaders are:

Rob Behnke - CEO & CoFounder
Steven Walbroehl - CISO & CoFounder
David Schwed - COO


All the members of the leadership team possess vast experience of over 7 years in their respective fields. Their former employers include such companies as Citi, IBM, and Marsh McLennan. Individual members have various hackathon awards under their belts: 1st place at the EOS SF Hackathon, and 2nd place at the Wyoming Blockchain Hackathon. They also received certificates, such as Amazon Web Services (AWS) и ISACA.
2
Current team’s experience in the field
The company page on LinkedIn offers a list of 68 employees and affiliated team members. The team includes technical specialists, auditors, blockchain researchers, marketing professionals, and development experts. Many employees have been working for the company for over 2 years, while having a professional background of over 5 years.
3
Company experience (years of service, date of the first audit)
According to the disclaimer on the company website, it was founded in 1029. According to the list of public reports in the repository, the first audit was published on Oct. 8, 2020. In the time since, the company has audited a large number of projects, which is reflected by the lost in the public repository. Согласно дисклеймеру на сайте компания была основана в 2019 году.

Media presence

Average score 10/10

1

Social Media

The company’s X account has a large number of followers, yet a low engagement rating, compared to similar accounts. The list of followers includes a number of top projects, funds, influencers, and prominent crypto personalities. Among the followers are Phantom, THORChain, Trust Wallet, Digital Currency Group, Laura Shin. Erik Voorhees, etc. Company posts are usually informative and cover security articles and podcasts, company news regarding participation in different events, and so on.

The company also has a YouTube channel with a large number of subscribers, yet also a low engagement rating, compared to other similar accounts.
2
Media publications
The company has been often mentioned in such media as Decrypt, Cointelegraph, Chainalysis, blockworks, etc. Most publications are founder interviews, reviews of precedents, and security research.

Speed

Average score 7,33/10

1

Audit Speed

An audit takes approximately 2-3 weeks, which is a slow result when it comes to speed with the offered amount of work, especially compared to similar companies.
2
First response speed
After the request was left on the company’s website, the manager contacted us within 10 hours.
3
Follow-up response speed
After the manager had been provided the additional information about the project, and all the questions had been asked, we received the required information within 30 minutes.

Expertise

Average score 9/10

1

What blockchains does the company audit

The company defines specialized teams for audits on Rust, Solidity, Move, golang, and substrate. There is also an off-chain team that assists with pen-testing and code audits.
2
Technological advancements
The company offers a self-service platform Halborn that includes real-time status updates as well as a fully functional catalogue of all the company products, and additional information.
3
Services
Aside from smart contract audits, the company provides the following types of services:

- Security advisory-as-a-service
- Advanced penetration testing
- DevOps + automation

Prices and additional services

Average score 7,83/10

1

Audit prices, affordability

The audit price for the test project is $35.000. This is a high price compared to that requested by other providers of similar services, which limits the accessibility of the company’s service.
2
Sales, promo offers, bonuses, discounts
During our communication with the team, no discounts were offered. After the audit is completed, the team publishes the announcement on its social media pages, and along with the client’s team, works on the marketing strategy that includes publications, events hosted on X, or specific research.
3
Legal transparency
The company accepts payments in USDC, as well as in fiat via a bank transfer.

Quality

Average score 9,8/10

1

Audit quality, report analysis

  • Issue description (thoroughness, code examples): YES

  • Project description and contracts (what do they do): YES

  • Conclusions (automatically generated vs written by specialists): YES

  • Recommendations: YES

  • Quality of findings (a large number of automatically generated audits is a disadvantage): YES
Reports are missing the description of audited contracts and the conclusions. Issues are described in detail, and recommendations on further actions are included. If necessary, a proof of concept is also included. The reports are of high quality, but further descriptions could be added in order to simplify the material for readers with less technical experience.

2
User Experience
A quote can only be requested via a form on the website. There is no information that allows you to contact managers directly. This creates additional complications for potential clients who are looking to ask several questions before committing to the company.

Final Score

Considering the results presented in every category, the following points have been assigned:
  • 9/10 Trustworthiness
  • 10/10 Media presence
  • 7,33/10 Speed
  • 9/10 Expertise
  • 7,83/10 Prices and additional services
  • 9,8/10 Quality
The Final Score:
8,83/10
This is the analytic report in a series of reports on the smart contract and blockchain apps auditor market. Presented to you by DSA, it’s guaranteed impartial and factual information on the most well-known, new, and obscure players.
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