Audit Company

Hashlock

Hashlock specializes in blockchain security, working to enhance web3 innovation safely.
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 February 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

The leadership team includes 3 people:

Jock Haslam - Co-founder and Director
Fletcher Roberts - Co-founder and Director
Chris Moore - Lead Security Researcher

All the leadership team members possess considerable experience of 4 years or more in their respective fields. The Director Jock Haskam had been a Cyber Security Consultant for over 10 years.
2
Current team’s experience in the field
The LinkedIn company page shows a list of team members that includes over 10 employees. The team includes technical and marketing specialists, as well as auditors, blockchain researchers, business development experts, and writers.
3
Company experience (years of service, date of the first audit)
Neither the website nor the LinkedIn company profile provide any information regarding the company’s date ща establishment or first audit date. The X (former Twitter) account was created in July 2022, so that is considered to be the estimated date.

Media presence

Average score 4/10

1

Social Media

X account doesn’t have a large number of subscribers but the engagement rating is high compared to similar accounts. The exact calculation of the engagement rating doesn’t seem reasonable due to a low number of subscribers. The company rarely posts and usually their posts are retweets from other accounts. The majority of the company’s own posts are dedicated to announcements with analyses of on-chain precedents as well as conclusions based on data analysis.
2
Media publications
The company has been mentioned in such online media as PR Newswire, Yahoo Finance, and Finder.

Speed

Average score 7,66/10

1

Audit Speed

An audit typically requires 2-4 weeks to complete, aligning with the industry average for a comparable volume of work offered by similar companies.
2
First response speed
After submitting an application on the website, the manager responded within a few minutes.
3
Follow-up response speed
The manager responded within 5 minutes and provided a quote within an hour.

Expertise

Average score 6,66/10

1

What blockchains does the company audit

The company works with several various networks and chains, as well as programming languages, and stacks. It works with both EVM and non-EVM contracts.
The company has conducted research dedicated to the security of non-EVM chains and collaborated with security researchers and experts all around the world. This speaks to the competence of the company while it works with different networks and technologies.
2
Technological advancements
The company does not offer any technological products or developments.
3
Services
Aside from smart contract audits, the company offers the following services:

Corporate Blockchain Security
Industry Research
Blockchain Cyber Insurance via our Registered Partners
Formal Verification
Penetration Testing
Incident Response
Testing Services
On-Chain Monitoring
Web3 KYC
Startup Support

Prices and additional services

Average score 7,33/10

1

Audit prices, affordability

The price for an audit of the test project is $15,5k. This price is higher than the prices requested by most similar companies.
2
Sales, promo offers, bonuses, discounts
During the communication with the team, we have not been offered any discounts. After conducting an audit, the company publishes the announcement on its social media and includes the audit in its newsletter. The company also can present the project to venture investors.
3
Legal transparency
The company accepts stablecoins as well as fiat.

Quality

Average score 8,3/10

1

Audit quality, report analysis

  • Issue description (thoroughness, code examples): YES

  • Project description and contracts (what do they do): YES/NO
The product description is present but there’s no description of the contracts architecture

  • Conclusions (automatically generated vs written by specialists): YES/NO

  • Recommendations: YES

  • Quality of findings (a large number of automatically generated audits is a disadvantage): YES
Overall the impression is good. However, the reports vary when it comes to the depth of said descriptions. Some reports include Proof of concept, detailed descriptions, code excerpts, and suggestions. Others aren’t that thorough.

2
User Experience
A quote can only be requested via a form on the website. Direct manager contacts are not provided. This isn’t the best option for potential clients looking to ask some questions.

Final Score

Considering the results presented in every category, the following points have been assigned:
  • 7/10 Trustworthiness
  • 4/10 Media presence
  • 7,66/10 Speed
  • 6,66/10 Expertise
  • 7,33/10 Prices and additional services
  • 8,3/10 Quality
The Final Score:
6,83/10
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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