We are pleased to announce the completion of a security audit report on Squads Protocol v4 conducted by Trail of Bits. This comprehensive audit included a detailed examination of our new program, with the auditors having full knowledge of the target system, including access to our source code and documentation.

Trail of Bits, recognized as a Tier-1 security auditor, has a center of excellence with regard to blockchain security. Their notable projects include audits of Chainlink, Compound, Ethereum 2.0, MakerDAO, Matic and Uniswap. They have also worked with renowned clients outside of the crypto industry like Google, Stripe and Microsoft.

A team of two consultants carried out the review from September 11 to September 22, 2023, dedicating a total of four engineer-weeks of effort. Employing both static and dynamic testing of the codebase, they used automated and manual processes.

The audit aimed to provide a security assessment of the v4 program, focusing on various critical security questions:

• Proper approval requirements for instruction execution;

• Restrictions on fund withdrawals from vaults;

• Possibility of "bricking" a multisig;

• Interactions between multisig instances;

• Adherence to spending limits and permissions;

• Vulnerabilities to front-running.

The analysis methods included a documentation review, static analysis using tools like cargo-audit and Clippy, test coverage review, and manual review of program code. Particular attention was paid to areas like proposal handling, member management, permissions checking, spending limit use, config authorities and transaction execution.

After the initial audit findings, Squads Labs reviewed and implemented fixes and mitigations for the issues described in the report. On September 27, 2023, Trail of Bits examined these fixes to ensure their effectiveness in resolving the associated issues. A full listing of unresolved or partially resolved findings is available on page 43 of the Trail of Bits audit report.

Quality smart contract assurance is key to identifying potential issues and ensuring protocol security. While there are no guarantees of security after an audit, a thorough smart contract auditor can still perform comprehensive reviews to uncover potential issues, potentially preventing catastrophic vulnerabilities after launch. We at Squads Labs prioritize security as a critical aspect of our multisig infrastructure, and that is why we run regular security audits for maintaining user safety.

View the full Trail of Bits report here.

About Trail of Bits

Since 2012, Trail of Bits has helped secure the world’s most targeted organizations and products. They combine high-end security research with a real-world attacker mentality to reduce risk and fortify code. To learn more about Trail of Bits, please visit https://www.trailofbits.com/.

About Squads Labs

Squads Labs is a core contributor to Squads Protocol, the leading multisig infrastructure on Solana. In addition to helping maintain the protocol, Squads Labs makes the Squads platform, an institutional-grade multisig platform for Solana-based teams. The Squads platform helps web3-native teams manage and secure digital assets on-chain. To learn more about Squads Labs, please visit https://www.sqds.io/.