In the first quarter of 2022, hackers stole an estimated $1.3B from crypto companies across the globe — a number projected to go up as attacks become more frequent. In an industry fraught with cybercrime, CoinLoan’s zero-incident track record stands out as uncommonly rare.
Recently, CoinLoan partnered with Blaze Information Security to further strengthen its already-stringent security standards to best protect its customers’ assets and create the most secure crypto application possible. Blaze is a well-known financial cybersecurity firm which specializes in the review and testing of a company’s current security configuration with the intent of correcting misconfigurations and helping businesses improve their resilience against cyberattacks. Its clients include top banking institutions, FinTech firms, and cryptocurrency companies like CoinLoan.
This testing, which took place over the span of 15 days, consisted of a number of targeted attacks on CoinLoan’s platforms as a means of demonstrating the highest possible impact against its system. As a result, Blaze assessed that CoinLoan’s security standards are outstanding, with an impressive knowledge of potential threats and a 2-hour response time in resolving issues.
Using OWASP Top 10, OWASP Top 10 Mobile, and OWASP API Security Top 10 — the current industry standard for application security — as well as additional security methodology testing born from its years of experience in cybersecurity, Blaze evaluated CoinLoan’s likelihood for issues in the following areas:
- Business logic issues
- Race conditions
- Currency rounding manipulation
- Financial fraud scenarios
- KYC circumvention
- Data leaks
The team at Blaze then worked closely with CoinLoan’s own cybersecurity team to identify any potential weaknesses, and in all cases the CoinLoan team was able to correct any found issues immediately.
Max Sapelov, CTO of CoinLoan, said: “While CoinLoan’s security experts regularly perform internal security audits and code reviews and our Bug Bounty program lets white-hat hackers test our system for bugs and vulnerabilities, we believe that every company that puts the highest priority on security must undergo penetration testing by a professional third-party auditing company. We chose Blaze because they have the experience and know-how needed to test specific factors unique to the crypto sphere.”
“Over the past six years working with financial institutions, we have successfully completed over 1,500 penetration testing projects,” said Julio Cesar Fort, the Managing Partner & Director of Professional Services. “In that time, we have seen multinational banks with untold numbers of cybersecurity issues, and crypto companies struggling to stay on top of the rising tide of crypto-related cybercrime. Our team was very impressed with CoinLoan’s initial security standards, and we are proud to have helped them further strengthen these standards and provide their customers with a transparent look at the steps they are taking to keep their investments safe.”
As cybersecurity becomes an increasingly important issue within the crypto community, companies are going to have to look outside their own security protocols and seek out experts to keep up with the rapid changes in this field. A company’s security system must work tirelessly and continually be upgraded in order to best those who may wish to find a backdoor into their customers’ assets.
