The role of cryptocurrencies in online financial transactions is growing rapidly – not only for investors, but also for cyber-criminals, who have netted nearly $10-million using fraudulent schemes in the last year.
To safeguard the evolution from a constantly increasing number of cyberthreats, Kaspersky Lab has decided to take the first step in enhancing the protection of cryptocurrency trading platforms, as well as their users, starting with an audit for Merkeleon – an Austrian crypto exchange software provider, which provides multifunctional software solution to launch safe purchase and sale of crypto currencies – to assess and help the company improve its cybersecurity defenses.
As part of the development process for its crypto exchange script, Merkeleon wanted to ensure it was robust enough to withstand cyberthreats by enlisting a world-renowned security expert to assess the platform. The Austrian company turned to Kaspersky Lab, to complete an audit of the exchange in September 2018, and provide recommendations on how its platform could be better protected.
During the audit, Kaspersky Lab assessed both the front and backend of the web application. Kaspersky Lab experts found the software that runs the crypto exchange to be highly reliable, praising the impressive level of coordination and efficiency maintained by Merkeleon in the delivery of its product. Kaspersky Lab has provided Merkeleon with a detailed audit report, which gives the company the opportunity to make appropriate changes to its cryptocurrency exchange script.
This is an important step in an evolving industry, and one that is highly attractive to cybercriminals. The relative infancy of the platforms makes it all the more important to put crypto exchanges through their paces and test the robustness of their security, before launching onto the market and potentially putting customers at risk of data and financial breaches.
Alexey Sidorowich, Head of Sales and Business Development, Merkeleon, says: “Our software needs to be secure and dependable, so our clients can trade safe in the knowledge that their assets will be protected. We understand that while our in-house teams have the skills and knowledge to introduce a certain cybersecurity layer into our platforms, we need external experts to make an assessment, so no stone is left unturned.
“By reaching out to Kaspersky Lab, we knew we’d receive the best advice on the market. Subsequently, Merkeleon has successfully become the first crypto exchange software to pass an external audit, paving the way and setting a benchmark for the future security of the industry.”
Alessio Aceti, vice-president: new business at Kaspersky Lab, says: “In the very recent past we have witnesses a number of attempts to breach crypto exchange platforms, as it is becoming incredibly appealing for cybercriminals to steal this money.
“For example, a South Korea-based crypto exchange, Bithumb, had $31-billion stolen in June last summer. As threat actors become more sophisticated in attacking new and developing technologies, it is more important than ever for organisations from this industry to keep their customers safe and understand how well their business is being protected.”