RWA audit for tokenization smart contracts
A tokenized fund, home equity pool or royalty stream lives in contracts that decide who may hold it, what it is worth and who can move it without the holder. Guardian audits those rules and every path around them.
Smart contract audits for
Jupiter
Olympus
Limit Break
Dolomite
Onchain · RWA Audit
Every holder checked, every unit settled, every override mapped.
- Transfer restrictions Allowlist, blocklist and lockup checks on transfer, transferFrom, mint and burn, and on every wrapped or staked form of the token.
- KYC gating and allowlists Whom the contract actually checks: routers, relayers and EIP-7702 delegated accounts acting for wallets that were never verified.
- Compliance modules and hooks Identity registries, ERC-3643 compliance contracts, sanctions lists and hooks on permissioned pools, read for the gaps between them.
- Subscriptions and redemptions Minting only against settled subscriptions, async ERC-7540 requests, settlement proofs and redemption queues.
- NAV and price oracles Decimals, min and max bounds, maximum change per update, update intervals, and what the contracts do when a report is late.
- Issuer and agent roles Owner, agent, transfer agent and NAV updater: what each key can change, and whether holders can exit before it takes effect.
- Freezes and forced transfers Freeze, seize, burn and reissue, and redistribution of restricted balances, for every restricted status the token defines.
- Distributions and yield Dividends, coupons and royalties: snapshot timing, ex-dividend cutoffs, pro-rata weights and deposits timed around a payout.
- Fund share accounting Share pricing with pending requests, management fees and swing pricing, first depositors and rounding direction.
- Upgrades and storage Proxy storage layout across inherited compliance modules, initializers, and who can upgrade the token behind which timelock.
- Multichain and integrations Cross-chain orders and deployments, and the ERC-20, ERC-4626 and ERC-7540 behavior that DeFi integrators rely on.
Covers tokenized funds and treasuries, asset-backed tokens, fund-of-funds vaults and tokenized royalties on Ethereum, L2s and other EVM chains. The systems that feed the contracts, such as NAV signers and settlement bots, are reviewed in an Offchain Automation Pentest.
Public findings
What Guardian has found in tokenization code.
Each card links a finding in a public Guardian report. All were resolved.
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H-02Nashpoint · High
Nashpoint subscribes to DigiFT’s security tokens through adapters, each settled against a verified event. Two adapters settled in one batch produced the same log hash, so the second settlement reverted as already used and its funds stayed locked.
Subscriptions Read the finding H-02 in the Nashpoint Protocol Review report
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H-03Aria · High
The blacklist was checked on stake and unstake, never on transfer. A blacklisted holder could move staked tokens to a fresh wallet and unstake from there.
Transfer rules Read the finding H-03 in the Aria IP Real-World Assets report
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H-01Bracket · High
The vault checked KYC on the caller. A new deposit router had to be whitelisted to work, so anyone depositing through it skipped KYC.
KYC gating Read the finding H-01, Vault Router Avoids KYC, in the Bracket Contract Updates report
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M-03Aria · Medium
Holders had to sign a license to unstake, but a revoked signature could be reused, and the staked token’s transfer hook never checked licenses. After a swap through a public pool, a holder who never signed could exit.
Compliance hooks Read the finding M-03 in the Aria IP Real-World Assets report
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H-01Nashpoint · High
Settlement proofs were parsed with a library capped at 32 list items. WisdomTree emits one event per mint, so a dividend batch of more than 32 mints could not be verified.
Dividends Read the finding H-01 in the Nashpoint Contract Updates report
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H-01Aria · High
Total stake was read from the contract’s token balance. Deposited royalties counted as stake, which diluted every later reward.
Royalties Read the finding H-01 in the Aria Contract Updates report
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M-03Manifest · Medium
The price oracle’s bounds assumed 6 decimals while integrators expected 8. Either prices read 100 times off, or the floor sat at $0.0001 instead of $0.01.
NAV oracle Read the finding M-03 in the Manifest Finance Protocol report
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M-09Nashpoint · Medium
The owner could switch swing pricing on and off at will. With extreme settings, the owner’s second wallet could take bonus shares, exit without penalty and repeat until the Node was drained.
Issuer powers Read the finding M-09 in the Nashpoint Protocol Review report
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M-02Manifest · Medium
The admin function that redistributes a restricted holder’s staked balance checked for bans but not sanctions, so sanctioned balances could not be moved.
Freezes Read the finding M-02 in the Manifest Finance Protocol report
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H-01Aria · High
One contract inherited a blacklist and a license module that both stored data at slot 0. Adding a user to the blacklist overwrote the license version.
Storage layout Read the finding H-01 in the Aria IP Real-World Assets report
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M-02Paxos Labs · Medium
In a yield vault’s order flow, a cross-chain order refunded by hand while its LayerZero message was still retryable could execute later, paying the user twice.
Tokenized yield Read the finding M-02 in the Paxos Labs Nucleus Boring Vault report
Onchain · How it runs
Two teams, and the compliance rules written as code.
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01 / Two teams
Two independent teams, one scope.
Team A pairs expert manual review with the fuzzing suite. Team B runs Helix across every corner. Each cross-checks the other.
- Expert manual review
- Competitive incentives
- Cross-checked findings
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02 / Helix AI Auditor
Helix, the leading AI Auditor.
Hundreds of parallel agents spend billions of tokens across the entire codebase. Only human-verified findings reach the report.
- Billions of tokens
- Human-guided context
- Human-triaged findings
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03 / Invariant fuzzing
An invariant suite around your rules.
Core safety properties become executable invariants, fuzzed across every reachable state. On a tokenized asset, the transfer rules and the escrow behind every claim are both safety properties.
- Blacklisted senders cannot transfer
- Price stays within its bounds
- Escrow covers every claim
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04 / Compliance paths
Every route around the rules.
Each allowlist, blocklist and override is traced through every entry point. Each role is mapped to what it can change, and whether holders can leave first.
- Transfers, routers and wrappers
- EIP-7702 delegated accounts
- Freeze, seize and redistribute
The suite stays with your code for every later change. Aria’s IPRWA report lists 19 invariants, fuzzed for 10,000,000+ runs. Eleven failed, including “Transfer should not succeed if sender is blacklisted”. Nashpoint’s report lists 113, including “No Pending Deposits Must Remain After Settle” and “Escrow Asset Balance Must Be >= Sum Of All claimableAssets”.
Published work
Tokenization platforms Guardian has reviewed.
- ReportsNashpointOnchain portfolios that allocate deposits across tokenized funds and DeFi vaults.
- ReportNashpoint contract updatesWisdomTree fund adapters and the dividends they pass on to Nodes.
- ReportsManifestUSH, backed by U.S. residential home equity, with KYC checks and a permissioned pool.
- ReportsAriaMusic IP rights tokenized on Story, with royalty distributions to holders.
- ReportStory Protocol hookA caller whitelist hook for licensing IP on Story’s Layer 1.
- ReportsBracketTokenized yield strategies with NAV-based accounting and KYC-gated vaults.
- ReportsPaxos LabsVaults that earn yield on stablecoin balances, built on Nucleus BoringVault.
- ReportsXAUT0The omnichain Tether Gold, in six public reports.
Recent incidents
Where RWA protocols have lost funds.
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$8.85MZoth
An attacker used compromised admin keys to upgrade a vault proxy, then withdrew 8.85 million USD0++. Asset issuers locked down 73% of Zoth’s TVL right after, Rekt reports.
Mar 2025 Our coverage of the Zoth incident
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$456KAurellion
A proxy left uninitialized let the attacker take ownership.
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$101KHuma
Deprecated V1 credit pools, still holding residual balances, had functions left open.
May 2026 Our coverage of the Huma incident
“A thorough review, that’s the standard for bringing real-world assets onchain.”
Core TeamManifest“Guardian’s pragmatic and business-focused approach to security ensures that every insight is not only technically sound but directly useful for real-world decision-making.”
KonstantinNashpointResource Hub
Before you book an RWA audit.
- GuideRWA tokenizationHow tokenization works, and where it breaks.
- ChecklistPlatform due diligenceKeys, NAV oracles, transfer rules and redemption, as questions to ask.
- ComparisonERC-3643 vs ERC-1400Where each security token standard enforces compliance.
- DataRWA hacks and root causesSeven incidents since 2023, and the control for each.
- ExplainerTokenized treasuriesThe structures, and the issuer, agent and key risks behind them.
- RiskTokenized private creditValuations that lag defaults, redemption queues and key risk.
- RiskTokenized stocksCustody, counterparty and oracle gaps when markets close.
- RegulationSFC tokenisation circularWhat Hong Kong expects of smart contract integrity.
Questions
RWA audit questions
What does an RWA audit cover?
Every contract that records ownership, checks eligibility, mints, redeems, prices, pays out, freezes or upgrades the token, and every role that controls them. Custody, the legal structure and reserve attestations are separate reviews. The NAV signer, settlement bots and other automation get an Offchain Automation Pentest.
Can a KYC allowlist be bypassed?
Yes, when the check reads only the caller. Under EIP-7702, a verified wallet can delegate its code and relay calls for anyone. Guardian’s Nashpoint, Manifest and Story Protocol reports each describe this path. Nashpoint’s report notes that a transfer policy, which checks where tokens end up, blocks it end to end.
Do you audit ERC-3643 and other permissioned token standards?
Yes. The audit tests the rules a token enforces, whatever standard it follows. ERC-3643 is a Final Ethereum standard with identity checks on every transfer, while ERC-1400 never left Draft. Either way, the review starts with who can force a transfer, freeze a wallet or change who is eligible to hold the token.
Do regulators require a smart contract audit for tokenized funds?
It depends on the jurisdiction. Hong Kong’s SFC says providers of tokenized SFC-authorized funds should confirm, and on request show, that their smart contracts are free of vulnerabilities and security flaws with a high level of confidence. If the SFC asks, they should obtain a third-party audit or verification. This is not legal advice.
How long does an RWA audit take?
It depends on size and complexity. Guardian’s full RWA protocol reviews ran from eight days, for Aria’s IPRWA contracts, to eighteen days, for Nashpoint’s protocol, each with five auditors. Nashpoint’s later contract update review took nine days with two auditors.
What happens when the token or its rules change after launch?
The report covers the audited commit and the fixes Guardian reviewed. A new compliance module, adapter or NAV source is unaudited until someone reviews it. With a Smart Contract Audit, update review after launch is not included. Vanguard includes six months of it, up to 2,500 onchain SLOC.
What do we get at the end?
Human-verified findings with proof-of-concept tests, a review of your fixes, and the invariant suite, which stays with your code. Each finding keeps its status: Nashpoint’s protocol review shows 35 resolved, each linked to the commit that fixed it, and 30 acknowledged.
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