Blockchain Security CertiK Considers IPO Listing! Industry insiders respond: It has been involved in several scandal incidents

CertiK evaluates IPO plans to become the first publicly listed Web3 security company, but past controversies and trust deficits have resurfaced, leading to clear disagreements within and outside the industry.

Blockchain security company CertiK is currently assessing launching an initial public offering (IPO), aiming to become “the world’s first publicly listed Web3 native security company.” However, as capital market narratives heat up, multiple past controversies involving CertiK have been brought to light again. In the eyes of traditional capital markets, CertiK has a clear business model, reputable investors backing it, and Web3 security—a highly scarce listing theme; but within the crypto industry, trust deficits and historical controversies remain a shadow that cannot be ignored.

CertiK Founder Confirms: IPO Is the Goal, But Not Yet Decided

Ronghui Gu, co-founder of CertiK and associate professor of computer science at Columbia University, recently stated during an interview at the World Economic Forum in Davos, Switzerland, that the company is evaluating the feasibility of going public. Gu said, “We don’t have a very concrete IPO plan at the moment, but it is indeed a direction we are pursuing.”

Founded in 2018 and headquartered in New York, CertiK’s main business involves blockchain smart contract auditing and security services. Gu noted that the market still expects Web3 native companies to go public, especially infrastructure-level enterprises, and CertiK’s goal is to become the first Web3 security company to list.

CertiK’s Last Funding Round Valued at $2 Billion, Binance as Largest Backer

CertiK’s most recent funding was in 2022, when it completed an $88 million Series B3 round, valuing the company at $2 billion, led by Insight Partners, Tiger Global, and Advent International. Subsequently, it raised an additional $60 million, with investors including Tiger Global and SoftBank Vision Fund.

Gu also openly admitted that Binance is CertiK’s earliest and currently largest backer. Earlier this year, CertiK announced a strategic partnership with YZi Labs, the family office of Binance founder Changpeng Zhao, and received a multi-million dollar investment.

Industry Reacts to IPO News

However, after the IPO plans were exposed, there was a swift wave of community backlash. Pop Punk, founder of Pumpcade, bluntly stated, “CertiK going public is a huge negative event for the entire industry.”

Pop Punk listed several allegations, including:

• After former employees were involved in the Kraken vulnerability incident, funds flowed into the mixer Tornado Cash
• On its platform, collecting security vulnerability reports and then exploiting these reports to submit them to bug bounty platforms before researchers, subsequently deleting related evidence
• Giving “unreasonably low security scores” to non-partnered companies, effectively applying commercial pressure

These accusations are not new. Pop Punk said his former company had given CertiK a very low score because they didn’t pay CertiK, despite CertiK having already undergone audits by three security firms at that time. He openly stated: “I’d rather give my money directly to Kim Jong-un than work with you.”

Kraken $3 Million Incident as a Key Trust Breach

Looking back to 2024, the $3 million vulnerability dispute between CertiK and Kraken is still regarded as a watershed moment in the industry. Kraken accused the so-called “white-hat research activity” of constituting extortion and unauthorized withdrawals; CertiK countered that Kraken threatened researchers, with both sides presenting conflicting accounts.

Although the funds were ultimately fully returned, the incident involving mixed coins, fund flows, and behavioral boundaries caused many industry insiders to question whether CertiK had shifted from being a security company to a company that simply rates others.

• This article is reprinted with permission from: 《Chain News》
• Original title: 《Blockchain Security Company CertiK Considers IPO, Industry Review of Multiple Scandals》
• Original author: Neo