Cybersecurity continues to be a huge industry problem as far as digital assets are concerned. In May 2019, cybercriminals did a major hack that saw Binance, a Taiwan based cryptocurrency exchange, lose over 7,000 bitcoins. Today, various investor-surveys focus on security as one of their top concerns. As a result, different exchange and trading platforms are making efforts to prevent security breaches, and Bithumb Global is taking the lead in such efforts.

Bithumb Global (BG) is a centralized cryptocurrency exchange platform that globally provides world-class digital asset trading services. As a platform serving users worldwide, potential breaches in the user wallets could result in mass losses. However, Bithumb Global is utilizing the best security vulnerabilities and threat intelligence program, bug bounty program.

Bithumb Global Bug Bounty Program

Bithumb Global utilizes SlowMist’s technology, bug bounty program that protects digital assets platforms, cryptocurrency wallets, smart contracts, and public chains. However, the bug bounty program is just one of the company’s blockchain ecosystem security solutions, including security consultancy, security audit, defense deployment, and threat intelligence.

Through the bounty program provided by SlowMist, users can receive recognition and compensation once they report valuable bugs. The program focuses on bugs involving vulnerabilities and security exploits.

It protects platform users through a three-stage process. These stages include the reporting, processing, and repairing stage. Each of the steps involves different executors.

The Reporting Stage

The first stage involves the platform user or the reporter. The users n noticing a threat will visit the SlowMist website specifically to submit a bug bounty menu. Here, the user provides details, which start with the vendor selection. The page provides a list of the vendors subscribed to this service, and the user only needs to choose. In this case, the vendor choice would be Bithumb Global.

Next are the threat details the user will feed in, including the vulnerability title, then select the vulnerability type from a drop-down menu, threat discovery time, and the hazard rating.

Further, the reporter provides a vulnerability profile, including a detailed description of the vulnerability, evidence of a threat, and a possible repair plan. The evidence can be in the form of attachments or pictures, and the page supports their upload. Other details to provide before hitting on submit include the vendor reward address, SlowMist Zone reward address, user email, and phone number.

The Processing Stage

The processing stage begins with the SlowMist team confirming the reported vulnerability from the SlowMist Zone. The confirmation process happens within one working day from the day the user reports a threat. The team makes a follow-up and evaluates the threat, then serves the reporter with feedback. During this time, the user will see the status of their report as ‘under review.’ The Bithumb Global group will take over the issue and deal with it within three business days. They will observe the threat and conclude then communicate with the reporter if they find the need. The reporter will, from this stage, see the status as either ‘confirmed or ignored.’

The Repairing Stage

If the team confirms the threat, the business department repairs the issue and the status updates to ‘repaired.’ The timeframe for repair may differ depending on the severity of the vulnerability. High-risk issues will generally get resolved within 24 hours.

Medium-risks will take less than three days, while low risks can take up to 7 days. Once the user confirms the threat repair, the Bithumb Global team will notify the SlowMist technical team about their conclusion and the vulnerability score. The reporter will then receive the reward.

The reporter will receive between 2,500 and 10,000 USDT for critical risks; High-risk reports attract a reward of between 300-2,500 USDT; Medium and Low risks reporters receive between 100-300 USDT and 10-100 USDT.

Other Bithumb Global Security Features

In addition to the SlowMist bug bounty program, the company provides worldwide risk control to identify and address real-time risks. It is risk blown to ensure that the funds in the users’ cold and hot wallets remain safe. Recently, Bithumb Global entered into a collaboration with Hacken to boost its security. Hacken is one of the global cybersecurity leaders providing services to both websites and portals. Its services include infrastructural support for safe operation, blockchain security audits, and risk analysis.

As a company thriving in providing innovative financial solutions, Bithumb Global will significantly benefit from its collaboration with Hacken. Hacken’s expertise will make Bithumb Global safe from vulnerabilities, including internal frauds, and make it safe and reliable for users.

Final Word

The fact that cryptocurrency exchange platforms hold billions of user funds makes them attractive targets for hackers. Experts have been making serious efforts to address crypto exchange platforms' issues, and cybersecurity has been among the key concerns lately. These efforts saw the launch of Trust Score in 2019. Trust Score is an algorithm that evaluates exchange platforms based on the parameters of Liquidity, Cybersecurity, API Coverage, and scale.

The metrics for evaluation involve a scale of 0-10, where cybersecurity represents 2. Notably, Bithumb Global ranked highest in terms of cybersecurity with a scale of 2, and an overall Trust Score of 9 out of 10. The platform is fully prepared against external threats, given that there is no point in having a best order-matching engine platform that does not ensure user funds' safety. It is because of this perquisite that Bithumb Global is reputed as the best exchange this decade.