Shashank, CEO of Credshields, is an emerging entrepreneur making significant strides in the Web3 and cybersecurity sectors. With a background in Computer Science from VIT and a decade of experience in cybersecurity, Shashank started his career as a bug bounty hunter for tech giants like Google and Facebook. His career evolved through leadership roles at HackerOne, Deily, and Cobalt.io, where he managed security researcher teams and led over 100 penetration tests for diverse clients. His tenure as a Security Consultant at Avalanche ignited his interest in Web3, ultimately leading to the creation of Credshields.
Indranil, Credshields’ Chief Business Officer, shares a similar journey in cybersecurity. He began as a bug bounty hunter and worked on numerous cybersecurity projects in the US and India before joining Deloitte’s cybersecurity practice, where he served clients across the US, Canada, and Europe. Together, Shashank and Indranil are committed to developing comprehensive Web3 security solutions, including automated tools to detect smart contract vulnerabilities and generate audit reports, alongside more extensive manual audit solutions.
The Surge of Web3 and Its Security Imperatives
The Web3 market is witnessing rapid growth, driven by the approval of the first Ethereum spot ETF and the rising value of blockchain solutions. The total cryptocurrency market capitalization has soared to $2.5 trillion, with Bitcoin and Ethereum at the forefront. Blockchain-specific solutions have also seen significant growth, reaching a valuation of $28 billion. However, this burgeoning sector faces a critical challenge: security. Web3 hacks have led to substantial losses, with 2024 alone witnessing $400 million stolen, compared to $1.7 billion in 2023.
Credshields addresses these security challenges with tools like SolidityScan, which has been pivotal in detecting vulnerabilities in several high-profile attacks, including the DEUS DAO hack ($6.5 million loss), Orion Protocol hack ($3 million loss), Safemoon hack ($8.9 million loss), and TempleDA0 hack ($2.4 million loss). For a more comprehensive overview of Web3 hack statistics, Credshields offers HackHub, an interactive dashboard.
Addressing the Security Gap in Web3
The security vulnerabilities in Web3 are attributed to several factors, including the market’s nascent stage and lack of structure. There is a shortage of automated security tools, and manual audits are often costly and inefficient due to limited expertise. Many businesses lack robust security frameworks and protocols, while developers frequently struggle with the knowledge and resources needed to create secure code. Established security companies have yet to fully adapt to Web3, leaving new entrants without adequate guidance on security protocols. This gap presents a significant opportunity for the emergence of Web3 security solutions.
Credshields is at the forefront of this emerging market, offering a comprehensive suite of solutions to meet the growing security needs of the Web3 space. Their commitment lies in developing automated tools like SolidityScan, an on-demand smart contract scanner that facilitates easy scaling and cost-effective security. Additionally, Credshields offers Quickscan, a functionality that generates threat reports and rug pull scores in under 60 seconds.
Advanced Tools and Integrations
Credshields’ offerings stand out in the Web3 security ecosystem. Their vulnerability detector coverage is significantly higher compared to competitors. The Quickscan functionality allows for the generation of audit reports without lengthy registration processes and integrates with platforms such as GitHub, Bitbucket, GitLab, and Slack. Customers benefit from SDK support for easy customization and adoption into their ecosystems, alongside enhanced dashboard and report customization capabilities. The SolidityScan VS Code Plugin can be directly integrated into the development environment, providing real-time security analysis and enabling developers to design robust solutions throughout the development lifecycle.
Currently, Credshields is focusing on further streamlining integration within the Software Development Lifecycle (SDLC) for continuous and proactive security monitoring. The company is constantly innovating to enhance their offerings and address the evolving needs of the Web3 market.
Shaping the Future of Web3 Security
The market for automated Web3 security tools is evolving, with new use cases continually being developed and tested. Credshields targets a broad range of customers, including developers, enterprises (both native Web3 enterprises and traditional Web2 players transitioning to Web3), and individual investors. The intelligence team at Credshields is working to identify key industries likely to see a Web3 adoption revolution soon, such as banking, transactions, investment, asset management, payments, supply chain, healthcare, and entertainment.
Through collaboration with developers, enterprises, and industry thought leaders, Credshields aims to forecast the future landscape and develop offerings to meet this demand. These collaborative efforts are pushing the Web3 security industry in the right direction, paving the way for new players to mainstream this sector and ensuring robust security for the innovative Web3 ecosystem.