I see people praising Certik here, remember Arbix Finance? Fully certified by Certik, pulled a rug scam, and investors were left with the certification.
It just shows how bar is set low in crypto where such an incompetent and shady company as Certik is probably the market leader. I read recently that they managed to raise ~230 million dollars in the last year or so, with $2 billion evaluation.
They are so shady that they have no issues certifying obvious ponzi schemes that then use Certik name to appear legit and attract investors. Last year I reported one ponzi scheme that was in the process or auditing by them. I provided them all the evidence but they simply didn't care, ignored my warnings and gave that scam nice rating. Gg.
Audit companies are mostly after for the payment from their clients.
They may even put in their disclaimer that they are just an audit company and they are not responsible if the company turned out to be scam.
This is the sad part in any market, because for them it is all about business. And don't care about the companies that they are working with.
As long as they can put a disclaimer and say they are not liable for any financial losses of the customers of their companies they are dealing with.
For example, Certik made a name already so the investors have high regards on the projects they audited and used their logo.
So people mostly forget to dig more about the project and its capabilities because they are trusting that the audit company already did their job.
