OKEx Security Response Centre Launches To Improve Safety For Crypto Asset Traders

OKEx Launched A New Security Response Central To Improve Safety

Security is a huge issue with many crypto companies. While the most enraged crypto evangelists talk about how safe cryptos are, the fact is that the decentralization of cryptos leaves a big fat hole in security: the user.

Not only retail investors but many companies dealing with cryptos end up having trouble using an asset that can be considered to be fairly secure because they are the security issues. A badly designed system with flaws or a careless user can open the way for hackers to steal your crypto.

As part of a larger effort to prevent things like this from happening in the company, OKEx, one of the largest digital exchanges in the world, which is now based in the island of Malta, has announced that it would start a new measure today to improve security.

This new measure will be the OKEx Security Response Centre. This help center will be designed to repair any flaws encountered by the security exchange and will even reward people for pointing out bugs and flaws. Basically, the whole idea is to use the help of the community to make trading really safer at OKEx.

The launch can be understood as a direct response to OKEx’s fear of being hacked. Companies that lose a lot of money due to hacking are prone to be forced to shut their doors because the damage is often too severe.

Powered by the OKEx users, the new response center will notify the exchange whenever any new vulnerability is found. The center will be used for the main website of the exchange, the app and any other platform that the company has.

As soon as you report a weakness in the system, the security team of the company will follow up immediately on the tip and take whatever action is necessary. Rewards for warning the company against any possible bugs will be tailored to the risk level of each vulnerability that is found.

In other words, if you find a really big and serious flaw, you will receive a lot of money, while if you find a single normal bug, you’ll be able to buy an ice cream.

Users will have to provide information accurately to receive the reward and they will receive the rewards in their OKEx wallet as soon as the team validates the threat that was informed.

The head of operations at OKEx, Andy Cheung, has commented that the initiative will boost the security of the platform and that it is about more than just protecting the platform itself but it is about improving the whole ecosystem bit by bit.

Therefore, Cheung affirmed that the company deeply encourages any user who might be interested in looking for security flaws to keep the exchange a safer place for all.

Vulnerabilities will be divided in four different classes on the upcoming system: Mobile Client Vulnerabilities, Web Platform Security, Token Smart Contract Vulnerabilities and API Security Vulnerabilities, each one focused on one aspect of the company.

Also, there will be four levels of risk that you can find on the site: they will range from “low”, passing through “medium”, “high” and finally, “serious”. Serious, obviously, will be worth a lot more money. Check the values:

  • Low risk: 0-1 ETH;
  • Medium risk: 2-4 ETH;
  • High risk: 5-7 ETH;
  • Serious risk: 8-10 ETH.

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