Case Study: Hacken’s Audit of EBSI Smart Contracts
Hacken performed smart contract audits for the EBSI, contributing to the safety and reliability of digital public services across Europe
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Hacken has entered into cooperation with one of the leading blockchain assets service platforms Hoo to work on strengthening its resistance to cyber threats.
The global demand for cryptocurrencies experiences skyrocketing growth. The total capitalization of the crypto market has reached $2 trillion. Due to a higher volume of transactions, cryptocurrency exchanges feel the operational pressure as well as become lucrative for cybercriminals. To better realize why hackers actively target crypto exchanges, let us consider the example related to the South Korean market. The daily volume of transactions performed on major South Korean crypto exchanges including Coinone, Upbit, and Bithumb is close to $15 billion that is more than the daily volume of transactions carried out on the country’s stock exchange. That is why crypto exchanges should prioritize cybersecurity in their operations as a key to increasing the level of customers’ retention and winning the trust of new investors. Every day 35,000 new users enter the crypto market and this figure is likely to reach 100,000 users soon. Thus, by ensuring the protection of users’ assets and confidential information cryptocurrency exchanges may successfully increase their customer base and market share.
With regard to the risks existing in the market, Hoo has decided to start working with the leading provider of cybersecurity consulting services Hacken on eliminating its system vulnerabilities to prevent their exploitation by cybercriminals. Hacken specialists have already performed web application and API penetration testing for Hoo. Based on the results provided in the audit report, the Hoo team has addressed the vulnerabilities in question by following the recommendations suggested by Hacken. Hoo is going to continue using the security services provided by Hacken. CEO Hacken Dyma Budorin has provided the following feedback on the new cooperation:
“Hoo is one of the fastest-growing crypto exchanges in the world. We highly appreciate the decision of the Hoo team to start cooperating with Hacken. It is a high recognition of the quality of work performed by our specialists. We will do our best to fully meet the expectations of this great company!”
Hoo was founded in 2017 as a cryptocurrency wallet. In 2019, the company expanded its business to crypto exchanges, custody, and mining industry and, thus, became a blockchain assets service platform. The daily trading volume on the platform is close to $1 billion USD and 361 coins and 457 pairs are available to investors. The most popular trading pairs on the exchange are BTC/USDT, ETH/USDT, and ETH/BTC. According to CoinGecko, the platform’s trust score equals 8 out of 10 making Hoo a reliable crypto exchange for investors. In January 2021, the exchange was granted the US MSB financial license from The Financial Crimes Enforcement Network (FinCEN). The exchange has been allowed to start legal and compliant digital currency trading and other businesses in the USA that is the recognition of its strong status and reputation in the market.