Crypto companies have been compromised for an estimated $1.3 billion in Q1 2022, and it is expected that the number will increase as attacks intensify. CoinLoan stands out with its zero-incident record, which is unprecedented in a cybercrime-affected industry.
Boosting its already strong security measures, CoinLoan has partnered with Blaze Information Security, an information security company that fixes security misconfigurations and helps businesses combat cyberattacks, including major banks, FinTech, and cryptocurrency companies.
During the fifteen-day testing period, CoinLoan’s platforms were examined for potential vulnerabilities. According to Blaze, the company maintains above-average security standards, is well-trained on threats, and responds to issues in less than two hours on average.
OWASP Top 10 Mobile, OWASP Top 10 API Security, and other security tests Blaze developed over years of experience indicated CoinLoan was vulnerable to the following problems:
- Business logic problems
- Race conditions
- Misuse of currency rounding
- Financial fraud
- KYC circumvention
- A leak of information
In collaboration with Blaze, CoinLoan’s cybersecurity team fixed the problems as soon as they were identified.
“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,” Max Sapelov, CTO of CoinLoan, explained.
“Over the past six years working with financial institutions, we have successfully completed over 1,500 penetration testing projects. 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,” said Julio Cesar Fort, Managing Partner and Director of Professional Services at Blaze Information Security.
It is essential that crypto companies have cybersecurity experts with comprehensive and in-depth security experience in order to keep pace with the rapidly evolving crypto community. A company’s security system must be proactively defended against threats seeking to access customer assets.
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/.
- Alisa Pargentanian
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
- Raghav Sawhney
- Blaze Information Security
- RAGHAV SAWHNEY
- Outreach Consultant Coinloan/Blaze