cryptopolitan.com
Crypto.com recently upgraded its bug bounty program with HackerOne by offering a $2M reward to any hacker able to spot vulnerabilities in its security system. While the bug bounty program with HackerOne is not a novel idea, the large sum attached to the announcement certainly drew a lot of attention worldwide.
Crypto.com announced the daring cybersecurity initiative in a blog posted on its website and shared via social media. It is offering hackers the substantial reward of $2M to test the strength of its security system.
The company has an ongoing partnership with HackerOne and this cybersecurity program is a part of that partnership. The exchange said it execs the campaign to help bolster security and maintain the trust of its almost 100 million customers.
Crypto.com raises the stakes
The $2M incentive on offer is one of the largest of its kind in the cryptocurrency sector. Crypto.com confirmed that it is an exercise to prove the importance of proactively safeguarding digital assets in its custody, especially in the cryptocurrency space where cyber threats are surplus.
With this program, Crypto.com hopes participants may help identify vulnerabilities and resolve potential risks before they are found and exploited by the wrong people. The company joins other crypto platforms that have put out bug bounties to bolster their defenses against cyber threats.
“When you operate a global app serving more than 100 million customers, finding critical security gaps before bad actors do is essential to system integrity and customer trust,” Kara Sprague, CEO of HackerOne said. She went on to say that Crypto.com’s “record breaking bounty” reflects the company’s emphasis on “consumer protection and their appreciation of the value the ethical hacking community can provide.”
Strategic bets in the cryptocurrency space
Other companies such as Uniswap, Atomic Wallet, Facebook and even Google consistently run bug bounty programs to quickly identify critical gaps in their security before they pose a problem.
In late November, Uniswap launched the largest bug bounty in DeFi history, offering a whopping $15.5M reward to hackers who could identify weaknesses in its v4 smart contracts ahead of their deployment. The project’s UNI token has taken off on a parabolic trajectory since it announced the campaign.
The crypto space has been rocked by significant cases of hacks on both decentralized protocols and centralized exchanges. Affected entities have had varying degrees of success in recouping and reimbursing stolen funds to affected users. The WazirX and XT.com exchange hacks were major hacks that affected centralized exchanges running on similar business models as Crypto.com this year alone.
Crypto.com is not waiting to record losses before making its move. The Chief Information Security Officer of Crypto.com, Jason Lau, stated, “We have always respected and partnered with the ethical hacking community as an extension of our security team. Deepening our relationship with HackerOne through this milestone and setting this landmark bounty underscores our commitment to enhancing safeguards and consumer protection. We look forward to continuing to productively engage with this community.”