CODEX Blockchain Asset Exchange and HackenProof to Launch a Bug Bounty Program for Developers
CODEX, a licensed cryptocurrency and digital asset exchange based in Estonia, partners with HackenProof bug bounty platform. As a part of our broad and ongoing partnership, CODEX decided to start a public bug bounty program on HackenProof. Previously, CODEX went through web penetration testing by Hacken and appeared to get the highest web platform security rankings.
We’re launching a new public #bugbounty program for @CODEX_exchange, a licensed cryptocurrency and digital asset exchange based in Estonia. #hackenproofed
Happy hunting – https://t.co/fZ6fDtm7hd pic.twitter.com/i57eSkRdzv
— HackenProof (@HackenProof) April 3, 2019
Security of funds on digital asset exchanges is a huge concern to the development and adoption of cryptocurrency today. In this light, CODEX, an Estonia based cryptocurrency exchange aims to improve security through a bug bounty program with HackenProof. The exchange will open up the bounty program on HackenProof after successful web penetration testing by Hacken.
Codex Focuses On Key Security Of Users’ Funds
CODEX is taking huge measures to ensure the exchange is secure and avoid hacking on its systems. Most of the exchanges that are hacked are disadvantaged by API vulnerabilities which result in theft of funds, money laundering or dump schemes. HackenProof and Hacken work towards ensuring the exchange remain safe while ensuring cyberattacks do not occur on CODEX.
The past few years have seen a number of cryptocurrency exchanges go to the wall because of hacks on the system. Huge exchanges such as Mt. Gox, Coincheck, BitGrail and recently Bithumb have lost over $1 billion USD of users funds through breaches in the exchange's systems. The hacks damage the reputation of the exchanges and of the total, only 20% of the exchanges are able to recover and get back to business after the hacks.
Speaking on the latest partnership with HackenProof, CODEX cryptocurrency exchange CEO, Mark Lurie said the two will work towards providing “an extra layer of safety” to the exchange. The growing field of blockchain is still heavily dependent on humans, who are prone to make errors even in code. The known vulnerabilities in the system’s code have pushed the exchange to implement the bug bounty program with HackenProof said, Mark. He concluded,
“It’s essential to create a secure trading environment, and we work hard to achieve it. Thereby, we’d like to avoid negative scenarios by additionally implementing the Bug Bounty program.”