PRESS RELEASE. 26 July 2022, Tallinn: Cybersecurity vulnerabilities remain a pressing problem in the crypto sphere. In the first quarter of 2022, crypto companies globally lost a whopping $1.3 billion in hacking attacks. Some experts predict this number may rise further because cyber crimes have become a frequent occurrence. Under such conditions, the ability of CoinLoan to ensure zero-incident safety is impressive indeed.
The CoinLoan’s ultimate safety close to perfection is achieved through its aspirations to constantly improve and upgrade cybersecurity standards. One of such moves is the recent collaboration with Blaze Information Security, a reputable cybersecurity firm that helps top banking institutions, FinTech companies, and crypto projects strengthen their protection against any kinds of attacks. To do so, Blaze analyses and tests a company’s security measures, aiming to find any vulnerabilities and offer more efficient configurations to eliminate threats. This partnership is sure to bring the new standards of cybersecurity and enhance safety for CoinLoan’s users.
Blaze was testing CoinLoan’s security system for 15 days, having conducted several targeted attacks on its platforms. This way, it simulated the highest possible impact. The testing revealed impressive results, as the CoinLoan team managed to shield all attacks within a 2-hour response period. Blaze appraised high-security standards of the crypto lender and its deep knowledge of potential threats.
While testing CoinLoan’s security system, Blaze used such industry standards as OWASP Top 10, OWASP Top 10 Mobile, and OWASP API Security Top 10. Besides, it applied additional testing methods developed through its vast experience to challenge CoinLoan’s resilience to threats in the following areas:
- Business logic issues
- Race conditions
- Currency rounding manipulation
- Financial fraud scenarios
- KYC circumvention
- Data leaks
During the testing, the Blaze and CoinLoan teams cooperated in finding any weak spots in the security system. In all cases, CoinLoan specialists managed to tackle all issues quickly and effectively.
Commenting on the cooperation, CoinLoan CTO Max Sapelov 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.”
There are never too many security measures in the crypto industry teeming with cyber threats. The companies that care about their good name and clients’ safety should exert every effort to strengthen their protection system. In this regard, outsourcing expert advice may help them eliminate any vulnerabilities to ensure the solid security of clients’ funds.
John Norris / Emma Dodds
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 all our clients with the highest security standards and assets insurance, enabling them 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
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