Crypto companies all over the world were hacked for $1.3 billion in the first quarter of 2022, and the number is expected to rise as attacks become more frequent. As a company with a zero-incident history, CoinLoan is exemplary in a cybercrime-prone industry.
With a view to further strengthening CoinLoan’s security standards and making its crypto application as secure as possible, CoinLoan recently partnered with Blaze Information Security, a leading financial cybersecurity firm that identifies and fixes misconfigurations in business security systems to ensure resilience against cyberattacks. Banks, FinTechs, and cryptocurrency firms like CoinLoan are among its clients.
During the 15-day testing process, CoinLoan’s mobile apps, APIs, and web front-ends were targeted to demonstrate the maximum possible impact on its system. Ultimately, Blaze found CoinLoan’s security standards to be outstanding, with a good knowledge of potential threats and a prompt response time of two hours.
Blaze evaluated CoinLoan’s likelihood for security issues in the areas below based on the current industry standard for application security – OWASP Top 10, OWASP Top 10 Mobile, and OWASP API Security Top 10. It also conducted additional security methodology testing based on its years of experience in cybersecurity.
- Issues with business logic
- Race conditions
- Misuse of currency rounding
- Typical scenarios of financial fraud
- The circumvention of KYC
- Information leaks
Afterwards, Blaze worked closely with CoinLoan’s cybersecurity team to identify any vulnerabilities, and in every case, the CoinLoan team resolved the issues immediately.
Max Sapelov, CTO at 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, Blaze Information Security's Managing Partner and 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.”
It is imperative that companies seek expert guidance in order to stay ahead of the rapidly changing security landscape. Continuously upgrading an organization’s security systems is essential to prevent bad actors from gaining access to its clients’ 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/.
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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The information provided by CoinLoan (“we,” “us,” or “our”) in this text is for general informational purposes only. All investment and financial opinions expressed by CoinLoan in this text are from the personal research and open information sources and are intended as educational material. All outlined information is provided in good faith. However, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information in this text.