Hashlock, a leader in Web3 security and smart contract auditing, is proud to announce the successful completion of a comprehensive security audit for Moria.
Moria Protocol is an open-source DeFi platform on Bitcoin Cash that allows users to borrow MUSD, a USD-pegged stablecoin, by locking BCH as collateral, with flexible interest rates and fully transparent oracle-backed pricing. In its V1 upgrade, borrowers can set their own rates, creating a market-driven, capital-efficient model where loans can be redeemed by third parties to maintain peg stability, and undercollateralized positions are liquidated below a 120% threshold. With incentives aligned to sustain its floating peg and tradeable loan NFTs, Moria empowers BCH holders to access liquidity without selling their assets, earn yield through liquidity provision, and participate in a transparent and customizable borrowing ecosystem .
As Cryptopolitan described it, Moria is emerging as a “USDT-killer” — providing transparency, verifiability, and censorship resistance where centralized stablecoins lack. Moria’s launch follows a pre-release test phase in which an early prototype of MUSD circulated live on mainnet. During this phase, the protocol drew comparisons to USDT — not for similarity, but as a radical departure from custodial models. MUSDv1 introduces a novel borrowing framework: borrowers define their own interest rates, undercollateralized loans can be redeemed by third parties, and every position is transparently verifiable via on-chain Proof-of-Reserves. The contracts are open-source, immutable, and enforce decentralized collateralization through a set of tightly scoped, well-commented smart contracts.
Hashlock’s audit confirms this. Through comprehensive manual review and supporting automated analysis, the code was found to be secure, logically ordered, and constructed with clear intent. Moria’s architecture minimizes centralization, reduces attack surface, and reflects strong adherence to best practices in secure protocol design.
All issues uncovered during automated and manual analysis were meticulously reviewed, and applicable vulnerabilities are presented in the Audit Findings section.
You can find the report here:https://hashlock.com/audits/moria
About Hashlock:
Hashlock is a leading Web3 security firm specializing in smart contract auditing and blockchain cybersecurity. Our mission is to ensure the safe adoption of blockchain technology through rigorous audits and comprehensive security services.
Website: https://hashlock.com/
About Moria:
Moria is a decentralized finance (DeFi) protocol built on Bitcoin Cash, allowing users to mint a stablecoin (MUSD) by locking BCH as collateral. It aims to provide a transparent and overcollateralized alternative to centralized stablecoins, using smart contracts and price oracles to maintain stability and decentralization.
Moria Protocol was invented by 10-year bitcoin development veteran Dagur Valberg Johansson, famous for being the first bitcoin node maintainer to implement BIP-100. Dagur’s home was subsequently DDOS attacked during the blocksize wars by an international group of small-blockers; however, Dagur moved the original “big blocker” node to a new location so his girlfriend could access Netflix from their home again, while the blocksize wars waged on. It was during these years that Dagur met his Riften Labs co-founder; Norwegian rocket science prodigy Halvor Bakke-Veiby, who at the time was developing Norway’s first bitcoin wallet app while skipping classes at the Norwegian University of Science and Technology. Dagur has a Master’s Degree of informatics from the university, while Halvor does not as he dropped out to build a bi-liquid rocket engine for an American aerospace company.
After years of working as a developer under the leadership of Peter Rizun in Bitcoin Unlimited, and finally implementing the CashTokens upgrade to the BCH chain, which enables decentralized finance in Satoshi Nakamoto’s own programming language, Dagur announced Cauldron – The World’s fastest DEX. Two years later, Dagur is back with an immutable, censorship-resistant, and proof-of-reserves transparent stablecoin, made in Satoshi’s spirit.
“The age of trust-me-bro stablecoins is over.”– Dagur Valberg Johansson
Dagur is co-founder and CEO of Riften Labs, a privately held Saint Kitts and Nevis-based company issuing MUSD, Moria Protocol, Cauldron DEX, d3lphi.oracle, and a fleet of other smart contracts supporting the novel BCH defi ecosystem.
“Trust-me-bro stablecoins constitute one of the biggest attack vectors for crypto as a whole. If liquidity is not migrated to secure, transparent, and on-chain collateralized stables, it could prompt a future black swan event for the entire crypto industry. We built MUSD to make sure that never happens.” – Halvor Bakke-Veiby
Website: https://www.moria.money/
