KuCoin cryptocurrency exchange intends to hand out bug bounty rewards of between $100 and $10k in partnership with Bugcrowd.
Top-tier cryptocurrency exchange KuCoin, with more than 30 million global customers, has announced a strategic partnership with Bugcrowd, a leader in crowdsourced cybersecurity. According to the announcement, KuCoin and Bugcrowd will work closely to ensure the cryptocurrency exchange is seamless and more secure.
Furthermore, the Web3 space has become a magnet for Sophia hackers led by North Korea-sponsored cyber attackers dubbed Lazarus Group.
In a bid to incentivize the program, KuCoin and Bugcrowd will issue structured bug bounty rewards that range between $100 to $10K depending on the severity of the identified vulnerabilities.
As for extreme vulnerabilities, KuCoin will reward up to $10K, while critical severity will fetch between $5K and $3K. Medium severity vulnerabilities will fetch between $1K and $2K while low severity will be rewarded between $200 and $400.
“As People’s Exchange, the security of users’ assets is always our top priority. Ensuring the safety of user assets and transactions is an ongoing endeavor we are committed to. Utilizing a community of researchers is vital for advancing our security to a higher level. Bugcrowd’s expertise in identifying obscure issues is essential and we will create a more secure trading environment together,” Johnny Lyu, CEO of KuCoin, noted.
The KuCoin bug bounty program will focus on key vulnerabilities such as web modules, payment manipulation risks, remote code execution, and leakage of sensitive information, among others.
Market Impact on KuCoin and KCS Token
The joint efforts between KuCoin and Bugcrowd will ensure the cryptocurrency exchange competes with other top-tier firms like Coinbase Global Inc (NASDAQ: COIN) and Binance Holdings Ltd. Additionally, the need for a secure crypto trading platform is essential in enabling the mass adoption of web3 products and digital assets.
“As we witness the rapid growth of the cryptocurrency market, trust and security become paramount,” said Dave Gerry, CEO of Bugcrowd. “We’re excited to partner with KuCoin to launch their Bug Bounty Program to achieve a safer trading environment for all users. By harnessing the power of the global hacker community, we aim to help strengthen Kucoin’s defenses and protect its users from emerging threats.”
Following the announcement, KuCoin’s native coin KCS edged higher to trade at around $10.59 at the time of this writing. The mid-cap altcoin, with a fully diluted valuation of about $1.5 billion, has gradually been forming a bullish pattern despite the regulatory hurdles.
Amid the ongoing crypto regulatory crackdown in the United States, which has impacted almost all crypto exchanges, KuCoin has not been spared. Earlier in March 2024, the United States Attorney for the Southern District of New York filed an indictment against KuCoin.
Nonetheless, the cryptocurrency exchanges have continued to operate normally amid heightened demand for digital assets.
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