Security & Risks

Security & Risks

In the space of crypto, especially in the Decentralised Finance (DeFi) space, users have to understand the risks of projects and smart contracts before venturing into DeFi. We call this DYOR (do your own research).
As part of BitGuru's long-term commitment to security and building trust within the community, we have laid out the ways in which we attempt to mitigate risks and provide a seamless BitGuru experience that users can trust.
General DeFi Risks
DeFi risks encapsulate a wide range of risks such as impermanent loss to risks of falling for scams such as wallet draining, private key being stolen, et cetera. Hence, DeFi users have to be careful themselves and learn to educate themselves constantly in this space. You can find a guide to keeping your funds SAFU here.
Smart Contract Security & Risks
Smart contracts are an innovative way for cryptocurrencies to interact with one another and with dApps (decentralised applications). However, due to the complexities that come with smart contracts, certain smart contracts may be prone to hacks.we have had reputable auditors audit the entire project.
Audit reports
BitGuru users can also purchase insurance to safeguard against smart contract failure and potential exploits with Soteria.
3rd Party Risks
BitGuru serves as a yield aggregator by providing vaults that auto-compounds rewards. However, vaults do not indicate any partnership or support by BitGuru. We've mitigated this risk by splitting the vaults into 'regular vaults' and 'non-$GURU earning vaults' based on the individual yield farm's reputability on the BSC space, of which 'non-$GURU earning vaults' are considered riskier and specified on the platform by an explicit warning.
Last modified 4mo ago
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