Bingbon crypto derivatives trading platform is looking to beef up any lingering security issues via a bug bounty program in partnership with blockchain security outfit SlowMist. Participants stand the chance of earning up to 4,000 USDT depending on the severity of the discovered vulnerabilities.
The move is part of Bingbon’s efforts to improve its service delivery along. Security-focused bounties are a regular feature of the cryptocurrency space given the activities of hackers looking to steal user funds.
Bingbon and SlowMist Partner for Crypto Bounty Program
The Singapore-based Bingbon announced the news of the bug bounty in a press release shared with Blockonomi on Thursday (July 16, 2020). According to the press statement, the program is aimed at shoring up security vulnerabilities and other performance-related bugs on the Bingbon platform.
As part of the bounty program, users will be able to report security and performance issues while navigating the Bingbon platform. According to the press release, the rewards issued will fall under four categories based on the severity of the vulnerability.
Each category — low, medium, high, and critical — will attract a reward in both Tether (USDT) and SlowMist tokens (SLOWMIST). Bugs deemed critical will attract a reward of 2,500 to 4,000 USDT and 512 SLOWMIST.
High and medium-tagged bugs will see 1,000-2,000 USDT and 500-1,000 USDT rewards respectively with the SlowMist reward for both categories standing at 256 SLOWMIST and 100 SLOWMIST tokens. At the lowest end of the spectrum, vulnerabilities deemed to be of low severity will earn users 50-200 USDT and 32 SLOWMIST token rewards.
For Bingbon, the collaboration with SlowMist is part of efforts to strengthen its security architecture. Commenting on the partnership with SlowMist, Bingbon product lead, Daly Young remarked:
“Bingbon values safety and is fully aware that having a strong security ecosystem for crypto trading is imperative for our clients hence why we are fully on board with this partnership.”
Bingbon Looking to Deal with Security Issues
The Singapore-based platform also encouraged users to participate in the bug bounty stating that it will help prevent potential hacks and other security breaches, as well as, contribute to improving the user experience on the website. Crypto derivatives exchanges have been known to buckle under unstable market conditions with traders suffering forced liquidations in the process.
Apart from offering crypto derivatives, Bingbon also provides trading contracts on global indices, forex, and other commodities. Bingbon is reportedly the first cryptocurrency derivatives exchange service to offer copy trading feature for its users.
With crypto popularity growing by leaps and bounds, platforms are having to pay greater attention to security threats. Rogue actors are always on the prowl looking to benefit from any vulnerability that will allow them to steal cryptocurrencies from unsuspecting victims.
Bug bounties are one of the ways exchanges and other crypto service businesses stay on top of the situation. These programs incentivize users to point out loopholes in security as well as other issues with a platform for a cryptocurrency reward.
In some instances, these bounties happen after the fact, when a business falls victim to hackers. Affected platforms put up a significant crypto reward for users who can help in tracking down the stolen funds.
Bounties and airdrops also serve as marketing tools for new platforms looking to attract more users. Exchanges, wallets, and other crypto businesses have created these programs in the past as part of their product launch activities.