Crypto.com has formally announced the launch of a bug bounty program that offers rewards of up to $2 million (£1.58 million) for the detection of security vulnerabilities. This initiative, conducted in partnership with HackerOne, represents the largest reward ever provided by the company across its existing bug bounty schemes.
Kara Sprague, CEO of HackerOne, emphasized the critical importance of proactive security measures for global platforms that serve extensive user bases. “When managing a global application that caters to over 100 million customers, it is imperative to identify critical security gaps before malicious actors do, as this is vital for maintaining system integrity and fostering customer trust,” she remarked.
This new bounty program is a continuation of Crypto.com’s commitment to securing its platform, which presently serves more than 100 million customers worldwide. The company has also achieved multiple certifications related to cloud security, privacy, and information security, while complying with the NIST Cybersecurity and Privacy Frameworks.
Jason Lau, Chief Information Security Officer of Crypto.com, underscored that ensuring exceptional security necessitates ongoing effort. “Although we have invested considerable resources to attain top-tier security certifications, the maintenance of security assurance demands continuous attention and enhancement,” he stated. “This milestone bounty exemplifies our dedication to strengthening safeguards and protecting consumers.”
The increasing incidence of cybercrime within the cryptocurrency sector has underscored the critical necessity for robust security measures. Research conducted by the web3 bug bounty platform Immunefi indicates that over $1.4 billion (£1.1 billion) has been lost to crypto-related hacks as of November 2024. Such figures highlight the significance of initiatives like Crypto.com’s bug bounty program in protecting user funds and ensuring platform integrity.
This announcement coincides with recent reports of substantial security breaches in the cryptocurrency industry. For instance, the Japanese exchange DMM Bitcoin is ceasing operations and transferring customer accounts following a cyberattack in which hackers stole over $300 million (£236.8 million) in Bitcoin.
As cryptocurrency adoption continues to expand globally, with an estimated seven million individuals in the UK owning crypto assets, the secure management of the digital currency landscape remains a paramount priority for platforms such as Crypto.com.
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