Security for Blockchain with KuCoin and Hacken

As a top cryptocurrency exchange providing services to more than 29 million users, KuCoin has always placed safety and security as our topmost priority and has invested heavily in measures that strengthen protections for our users and their funds.

"We want our users to have peace of mind while trading on our platform, knowing that their assets and personal information are protected. We will continue to prioritize security and invest in the latest technology and partnerships with industry leaders like Hacken to ensure the highest level of security for our users." said Johnny Lyu, KuCoin CEO.

To delve into the intricacies of blockchain security, we had the privilege of engaging in a conversation with experts from Hacken, a prominent player in the realm of blockchain security. Noah Jelich, the Lead SC Auditor from Hacken, and Alex Horlan, Head of Triage of HackenProof, have shed light on the challenges, strategies, and partnerships that contribute to safeguarding the crypto ecosystem.

Past Collaborative Security Measures of KuCoin and HackenProof

Back in March 2023, KuCoin announced our partnership with cybersecurity company Hacken to launch a $1 million bug bounty program, which is the biggest bounty reward among crypto exchanges so far, along with a new Security Landing Page was launched on the KuCoin website to outline its industry-leading security practices and provide users with resources and tips to enhance our own account security.

Introduction to Hacken and HackenProof

Hacken perates as a blockchain security audit company, specializing in services such as smart contract auditing, penetration testing, and blockchain security consulting. Additionally, Hacken provides an invaluable educational resource for those venturing into the realm of cybersecurity.

HackenProof emerges as a pioneering bug bounty platform.

Functioning as a marketplace, HackenProof bridges the gap between companies and security experts known as "bug hunters." This dynamic platform allows companies to list their projects, inviting security researchers from around the globe to identify vulnerabilities. Once vulnerabilities are identified, bug hunters are rewarded with bounties, creating a symbiotic relationship that strengthens security.

Elevating KuCoin's Ecosystem Security

Hacken's partnership with KuCoin aims to emphasize the overarching goal of bolstering the cybersecurity of the KuCoin ecosystem. The core motive behind the partnership: "More security for the KuCoin ecosystem." The aspiration is to provide a secure environment for projects building on the KuCoin, fostering confidence among stakeholders.

As the crypto space experiences an alarming surge in hacks, it becomes imperative for projects to have access to a dependable cybersecurity provider. The partnership with Hacken endeavors to address this need by offering auditing services that identify and rectify security issues before they escalate.

Best Practices for Blockchain Developers

Noah, with his expertise in the field, shared his insights. He emphasized the high risk associated with blockchain coding, considering its involvement in financial transactions. Thorough testing, validation, and continuous integration were deemed essential to mitigate vulnerabilities. Noah encouraged developers to avoid the misconception that deploying source code alone suffices. Instead, he advocated for comprehensive testing, validation, and adherence to stringent coding standards to ensure long-term security and adherence to industry best practices.

Ensuring Vigilance with Bug Bounty Programs

The value of bug bounty programs in maintaining security post-audit is significant. While traditional security services are time-limited, bug bounty programs offer ongoing security assessments. This is crucial in the ever-evolving landscape of software development. Alex highlighted the global network of security experts participating in bug bounty programs, providing a diverse range of skills to identify vulnerabilities. The crowd-sourced nature of bug bounty programs ensures the constant evaluation of projects and the identification of emerging threats.

The Intersection of Security and Mass Adoption

Blockchain security's role in the broader adoption of cryptocurrencies and decentralized applications was another focal point. Both experts concurred that security plays an instrumental role in fostering mass adoption. Alex stressed the importance of instilling confidence in end-users by offering enhanced security measures.

High-profile incidents of financial losses due to security vulnerabilities have created apprehensions among potential users. By prioritizing robust security, the industry can alleviate concerns and create an environment conducive to widespread adoption.

AI's Role in Security Audits

Alex expressed skepticism about AI's current efficacy in security audits, noting that prevalent models like ChatGPT are not yet proficient in identifying significant security vulnerabilities. However, both experts shared optimism about AI's future potential to enhance security practices, expecting more advanced AI capabilities to emerge in the coming years.

About KuCoin

KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has around 29 million registered users across more than 200 countries and regions around the world. As the home of crypto gems, KuCoin has supported over 750 projects with 1,300+ trading pairs. Over 200 projects had their world premiere listing on KuCoin. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap and Coingecko.