25 July 2022, Tallinn: An estimated $1.3 billion was stolen from crypto companies in the first quarter of 2022. That figure is expected to rise as more attacks occur. CoinLoan’s track record of zero cybercrime incidents is unparalleled in the industry afflicted by this type of crime.
To enhance its already robust security measures, CoinLoan has partnered with Blaze Information Security, an independent information security firm with expertise in fixing security misconfigurations and improving resilience to cyberattacks, whose customers include high-profile banks, FinTechs, and crypto companies like CoinLoan.
During the fifteen-day testing, targeted attacks were launched against CoinLoan’s platforms to demonstrate the greatest impact. Blaze analyzed CoinLoan and found it to have above-average security standards, a high level of threat awareness, and a two-hour response time to issues.
According to Blaze’s analysis of OWASP Top 10, OWASP Top 10 Mobile, and OWASP API Security Top 10 – the current industry standard for application security – and other security tests Blaze developed over years of experience, CoinLoan appeared vulnerable to the following issues:-
- Problems Related to Business Logic
- Race Hazards
- Manipulation of Currency Rounding
- Fraudulent Financial Activity
- Circumvention of KYC
- Data Breach
Blaze and CoinLoan’s cybersecurity team undertook a collaborative effort, and the problems identified were immediately fixed by CoinLoan.
According to CoinLoan’s CTO Max Sapelov: “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 to test specific factors unique to the crypto sphere”.
“Over the past six years working with financial institutions, we have completed over 1,500 penetration testing projects”, said Julio Cesar Fort, the Managing Partner and Director of Professional Services at Blaze Information Security, “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. We are proud to have helped them further strengthen these standards and provide their customers with a transparent look at the steps they take to keep their investments safe”.
As this field rapidly changes, businesses must look beyond their comfort zones to help update their security protocols. A company’s security system must remain continuously vigilant against threats seeking access to its customers’ assets.
CoinLoan is an EU-licensed crypto business that started as a project in 2017. Its platform offers Instant Loans against crypto assets, Interest accounts in crypto, and Crypto Exchange. These services are rendered to individuals and corporate entities with exceptions as the applicable laws require. We provide our clients with the highest security standards and assets insurance, allowing 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.