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A smart contract audit allows a project to eliminate flaws that would be exploited by malicious actors to perform unauthorized activities such as minting tokens. As a result of a smart contract audit, the auditor provides a client with a report specifying all detected vulnerabilities and their severity level. This is only a brief definition, see here for more details. https://hacken.io/insights/why-team-finance-was-exploited-for-14-5-million-despite-its-audit/
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