FoPay Pentest Announcement by Hacken

Hacken news,

What makes the crypto and blockchain industry really special is decentralization. Not in a hype way which you can see almost everywhere in different marketing materials. It’s decentralization in a way of redistributing the responsibility. Crypto investors are in full control of their assets. They own the 2FAs of the exchange accounts, key pairs of the wallets, and memo phrases for them, apart of many other assets that have value for them.

This increased responsibility results in a far higher level of security which any person require from software or hardware solutions to keep the assets safe. There are three main types of crypto investors, in terms of crypto asset holdings. The first ones hold their crypto on exchanges and appear to be a victim of exchange hacks, which has proven to happen even on Binance.

The second type of investor prefers only official full wallets of different blockchains. This method is secure enough, though very often it results in a drastic trade-off of in terms of usability.

The third type of investor is looking for a solid balance between security and ease of using. That framed the appearance of multicurrency wallets and payment systems, which brings all the best qualities together and supports multiple blockchain networks.

Hacken always stood on the point of bringing blockchain technologies to wide publicity and to make their experience secure and pleasant. FoPay is one of the teams which is creating a multicurrency wallet and a payment system with an understandable interface and transparent infrastructure. They aim at making it easier for users to understand how actually their funds are used in the payment system, which they’ve created. Obviously, Hacken took a challenge of securing the FoPay payment system and making a penetration testing of it to ensure that their wallet and payment system can be trusted.

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Key Findings:

Reporting – FoPay did a good job on their multi-currency wallet. Their solution has a prominent architecture of the web application and managed to pass the security test performed by Hacken. In fact, after going through a pentest by Hacken, some things to improve were found. Though, they carry more of a minor character and can’t result in serious disruptions of payment system or loss of funds. Though, the path to excellence is always tricky. We do believe that FoPay will utilize the reported vulnerabilities and fix them in the nearest future to achieve higher security of their payment system.

About FoPay:

FoPay introduces a transparent payment system meant to eliminate intermediaries and strengthen the merchant-user connection. Every user can conduct fast and cheap transactions and store their income in a secure multi-currency wallet, created and ran by FoPay.

About Hacken:

Hacken is an ecosystem of cybersecurity services and products. The company provides security consultancy according to client’s needs aiming to protect data and funds. Hacken clients receive professional services based on world standards and wide experience in cybersecurity.

Read about other case studies by Hacken:


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