Blockaid has revealed a collaboration with the Sui Foundation aimed at bolstering the security of the Sui ecosystem.
As stated in the announcement, Blockaid will provide enhanced protection for Sui wallets and tackle vulnerabilities associated with smart contracts, offchain threats, and operational errors within Sui.
The Sui Foundation is committed to advancing Sui, a layer-1 blockchain that debuted in May 2023, designed to support a decentralized network capable of handling a significant number of transactions with minimal latency. A recent blog entry highlighted that by 2024, the total number of accounts on the blockchain reached 67.3 million. On March 11, Sui had a total value locked of $1.1 billion, a decrease from $2 billion as of January 6, based on data from DefiLlama.
Blockaid, which previously announced a $50 million Series B funding round in February, provides security solutions in the Web3 sector to clients such as Stellar, Avalanche, and Coinbase. In November 2024, Blockaid joined forces with Backpack to avert potential losses of $26.6 million due to decentralized finance assaults on the Solana network.
Recently, users on the Sui network were targeted by malicious entities. On January 26, crypto investigator ZachXBT reported a breach that resulted in a $29 million loss for a Sui network user, with the stolen assets being laundered via Tornado Cash. The investigator observed that the current limitations of the Sui blockchain explorer and analytical tools made tracking the theft challenging. In June 2023, Sui offered a $500,000 bounty to blockchain security firm CertiK for identifying another vulnerability in the network.
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Sui’s programming language mitigates risks, yet audits are essential — SlowMist
A September 2024 Medium post from blockchain security firm SlowMist provided an in-depth examination of the Sui network, stating that even though the Move programming language utilized by Sui reduces many risks associated with other languages, coding audits remain necessary.
“Compared to other blockchain platforms, the Move language excels at preventing common smart contract vulnerabilities, making Sui technologically more robust and reliable,” SlowMist noted. “However, developers need to remain vigilant regarding business logic security, especially in areas such as permission management, object type usage, and token consumption, to prevent asset losses caused by coding mistakes or poor designs.”
According to Sui, while the Move design can safeguard against many common vulnerabilities found in other networks, it may still be susceptible to protocol-level attacks, including issues like timestamp dependence, logic errors, insecure randomness, and gas limit vulnerabilities.
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