KuCoin, a cryptocurrency exchange, has announced a partnership with cybersecurity firm Hacken to launch a bug bounty program worth $1 million, the largest reward offered by any cryptocurrency exchange to date.
According to a report, the KuCoin bug bounty program aims to incentivize security researchers to identify and disclose vulnerabilities on their platform, thereby assisting Kucoin in improving its security and how it protects its users’ funds.
Hacken will assist KuCoin in assessing submissions from researchers and evaluating reward amounts based on the seriousness of each vulnerability.
The report noted that bug rewards would vary between $50 and $1,000,000, and they are divided into four categories: Critical, High, Medium, and Low. Critical bugs will receive a payout of $50,000 to $1,000,000, while High bugs will receive between $2,000 and $49,000. Medium bugs will receive a payout ranging from $500 to $1,999, and Low bugs will receive between $50 and $499. The highest rewards will be given to high-risk vulnerabilities that could compromise the exchange’s infrastructure or user accounts.
Johnny Lyu, KuCoin CEO, stated:
“At KuCoin, the safety and security of our users is our topmost priority, we are investing heavily in measures that strengthen protections for our users and their funds.”
According to Lyu, teaming up with Hacken and initiating the bug bounty program would allow them to leverage the knowledge and proficiency of the cybersecurity research community to detect and fix potential security weaknesses before they are abused.
Hacken is a reputable consultancy firm specializing in cybersecurity solutions that offers a diverse range of services, such as penetration testing, bug bounty initiatives, and audits for blockchain security
Dmytro Budorin, Hacken Founder and CEO, stated:
“We are excited to partner with KuCoin on this critical initiative and bring our experience managing bug bounty programs for major crypto exchanges.”
KuCoin is a worldwide digital currency exchange headquartered in Seychelles, and it offers services such as spot and margin trading, P2P fiat trading, futures trading, staking, and lending. It has 27 million users across 207 countries and provides over 700 digital assets.
In 2022, KuCoin raised $150 million in a pre-Series B round, bringing the total investment in the company to $170 million when combined with Round A. The company has a market capitalization of $10 billion.
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