KuCoin has partnered with blockchain security and auditing firm Hacken to incorporate the HackenProof Bug Bounty Program into its security infrastructure. Bug Bounties incentivize ongoing security assessment; companies can participate in these programs to have security experts audit or pentest their software. If any bugs are found, the company rewards the auditors for their effort.
“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.” – Johnny Lyu, KuCoin CEO.
White hat or ethical hacking is becoming a common preemptive security practice where an entity provides private keys to a contracted security expert who purposely breaks into the system to expose vulnerabilities. This practice is still niche within Web3 but could go hand in hand with its fundamentals. Open-source code must be voluntarily audited, and bug bounties incentivize doing so.
