26 July 2022, Tallinn: 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 their already-stringent security standards to best protect their 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. Their 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 their 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 their 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 in order 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.
John Norris / Emma Dodds
Email: [email protected]
Tel: +44 (0) 20 7250 4770
CoinLoan is an EU-licensed crypto business that started as a project in 2017. Its platform offers Instant Loans against cryptoassets, Interest Account in crypto, and Crypto Exchange. These services are rendered both to individuals and corporate entities with the exceptions as required by the applicable laws. We provide our clients with the highest security standards and insurance on assets, allowing both corporate and private customers to benefit from the highest levels of protection.
Its highly-competitive loan and APY rates, transparent pricing, and 24/7 human customer support service have resulted in high customer retention and satisfaction. CoinLoan’s platform allows swapping and managing a comprehensive and growing range of cryptocurrencies, including its native token and fiat currencies.
The company is focused on continuous innovation through state-of-the-art technology and partnerships, bringing customers constant improvements and possibilities within the crypto world.
For more information, please visit us at https://coinloan.io/.
About Blaze Information Security
Founded in 2016 by experienced consultants in the computer security scene, Blaze Information Security is a privately held cybersecurity firm born from years of combined experience and international presence. Headquartered in Germany, with a presence in Portugal, Poland, and Brazil, the company serves customers in over 25 countries.
Blaze offers custom offensive cyber solutions for financial services companies, including fintech and crypto. Our elite team of ethical hackers believes in technical excellence, rooted in unparalleled experience to deliver complex projects for SMBs and enterprises in industries that include banking, technology, energy, e-commerce, startups, and many more.
For more information, visit https://www.blazeinfosec.com