How RedBear Secured Synthetix in a High-Risk Crypto Environment

Introducing Synthetix

Synthetix is a decentralised finance (DeFi) protocol operating within the cryptocurrency ecosystem, providing infrastructure for perpetual futures trading and on-chain derivatives markets. Built to combine the speed and liquidity of centralised exchanges with the transparency and security of decentralised finance, Synthetix enables traders to access high-performance crypto trading without giving up custody of their assets.

As a globally recognised DeFi protocol handling significant trading activity and liquidity, security and operational resilience are core to maintaining trust across the platform and its broader community.

The Situation

The cryptocurrency sector is a high-value target for threat actors. As Synthetix approached the re-launch of its expanded high-frequency trading capabilities, it wanted to proactively strengthen security across its growing cloud and application environment.

Without an independent assessment, vulnerabilities across legacy systems, cloud configurations or development processes could expose sensitive production data, increase operational risk and potentially compromise customer trust in a highly scrutinised industry.

It was imperative that Synthetix assess and reduce the likelihood of risks and vulnerabilities existing in its cloud environment. So, they researched external cloud security specialists capable of validating architecture, identifying vulnerabilities and providing confidence that the organisation’s systems could withstand the aggressive attacks common within the crypto industry.

“We worked very well together on expectations about when certain things needed to get done. We had a clear definition of what job was to be done and what the goals were at each step. There wasn’t too much process, and there wasn’t too little process. It was the right balance of structure.”

– Brent Maxwell, CTO, Synthetix

Enter RedBear

Before selecting RedBear, Synthetix evaluated multiple providers, including referrals through AWS and contacts within the security industry. However, many providers lacked the responsiveness, flexibility, or specialist focus Synthetix required. RedBear stood out due to its clearly structured service offering, practical approach and demonstrated depth of security expertise.

Synthetix engaged RedBear to conduct a comprehensive security assessment, including application and infrastructure security assessments, penetration testing, cloud architecture reviews, static code analysis and broader security advisory services.

RedBear assessed the broader operational ecosystem surrounding the platform, including cloud configurations, Git repositories, application layers and infrastructure security controls. This gave Synthetix an independent validation of the decisions already made internally, while uncovering additional risks and remediation opportunities the team had not yet identified.

A major differentiator was RedBear’s collaborative and adaptive delivery approach. The team worked closely with Synthetix to define priorities, refine scope and maintain momentum across a multi-month engagement without introducing unnecessary process overhead.

Importantly, RedBear delivered a prioritised security roadmap that enabled Synthetix to systematically strengthen its posture over time. Critical findings were addressed quickly, while lower-risk issues were organised into actionable remediation tasks that the internal team could progressively resolve.

“I was looking for companies that could do penetration testing as well as security advisory and reviews. When AWS provided names of a couple of their partners, RedBear was one of them. Reaching out, it just seemed like a particularly good fit for what we were looking at – demonstrably deep security competency and a flexible engagement model. And that’s how I made the decision to engage.”

– Brent Maxwell, CTO, Synthetix

The Outcomes

Following the engagement, Synthetix gained greater confidence in its security posture, alongside a clear roadmap for ongoing improvement.

The collaboration also created broader operational benefits. Through the process, Synthetix identified opportunities to reduce legacy system exposure, improve cloud governance, reduce operational cost and explore ongoing managed security support through RedBear’s MSSP offering.

Specific outcomes included:

Independent validation of security architecture and operational decisions
Identification and prioritisation of remediation tasks across the environment
Improved visibility into legacy system risks and attack surface exposure
Stronger internal confidence when reporting security posture to leadership
Preparedness for attacks within the cryptocurrency sector

“Everything went super smoothly. Very, very easy. Great communication from all of the team members. Expectation management was solid.”

– Brent Maxwell, CTO, Synthetix

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