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Case Study

Case Study: Penetration Testing for BiKi by Hacken

Introduction to BiKi: A multifaceted cryptocurrency exchange launched in 2018 that is also one of the leading blockchain technology providers. CoinMarketCap and CoinGecko have ranked Biki as one of the fastest-growing digital asset platforms in the world. BiKi is based in Singapore and its core clients are the Chinese traders. There are more than 3 million users registered on the platform representing 100+ countries. BiKi trading platform issues its own BIKI token. The number of daily active users of the platform reaches 100,000. The list of services offered by BiKi includes contract trading, leveraged ETF, ETF trading, lending, spot trading, industrial investment, etc.   

Challenges and Risks Faced by BiKi

  • vulnerability to DDoS attacks;
  • the use of sophisticated hacking tactics by malicious actors;
  • even a minor disruption of the platform’s functionality could result in huge financial losses.

Why Hacken

A number of leading digital assets exchanges have already used the services provided by the Hacken team and left positive feedback. BiKi management realized that only qualified and experienced specialists could effectively test the product to identify vulnerabilities before hackers could exploit them. Hacken is known in the industry for its scrutiny approach to testing clients’ products and customer-centred philosophy. 

Solutions Provided

  • Web application & API security assessment;
  • application of active exploitation techniques to evaluate product security against best practices;
  • grey box security assessment.

Results

  • The web infrastructure was evaluated as highly secured;
  • only one high-severity vulnerability was identified;
  • the vulnerabilities potentially enabling DDoS attacks were detected;
  • the detailed report containing all information about product vulnerabilities and methods to address them was developed and provided to the client;
  • BiKi could avoid financial and reputational losses due to the cyberattacks on its key sides.

Quote

The planning supervisor of BiKi has provided the following opinion on cooperation with Hacken in security assessment: “I strongly believe that Hacken specialists provided the services of the highest quality.”

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