Victor Ugochukwu · Oct 27, 2020 . 6min read
DEX Aggregator 1inch to improve platform’s security with Hacken
To enhance the security of their services, Dex aggregator 1inch has entered into a collaboration with cybersecurity solution provider Hacken.
By Komal Joshi · Oct 2, 2020 . 6min read
According to a blog post, DEX aggregator, 1inch, has entered into a cooperation with cybersecurity firm Hacken. The collaboration between 1inch and Hacken intends to enhance the 1inch platform’s security. Launched in May 2019, 1inch aggregates liquidity from several decentralized exchanges to assist users in executing trades at better prices. Precisely, 1inch aids to reduce slippage rates, i.e. the difference between the expected price and the trade’s execution price.
However, the 1inch developers believe that Hacken has an excellent track record in the cybersecurity space and its team members are also specialists in code and infrastructure auditing. 1inch intends to improve its platform’s security and offer more excellent customer protection by operating with Hacken in several vital areas, like auditing code, APIs, and infrastructure.
Hacken acts as a Crypto Exchange Auditor.
According to the blog post, the Hacken team primarily concentrates on working as a crypto exchange auditor. Launched in August 2017, it’s a cybersecurity consulting firm. Moreover, it offers data associated with the security of critical infrastructure to exchanges, wallet providers, and investors. Moreover, Hacken provides several services. This includes blockchain security consulting, coordination of bug bounty programs, web/mobile penetration testing, crypto exchange ratings, and cybersecurity education.
This announcement comes when various DeFi platforms are prone to attacks by hackers—one of the recent hacks being KuCoin. The cryptocurrency exchange KuCoin suffered a security threat from hackers. KuCoin hackers leveraged the DeFi platform Uniswap to swap several ERC-20 tokens. The hacker who breached Kucoin crypto exchange security systems and moved over $200 million from its hot wallets into his wallet is now funnelling the funds using Uniswap. Thus, the collaboration between 1inch and Hacken would allow them to enhance security in the DeFi ecosystem.
Before this, Hacken integrated with Chainlink so that the platform’s security audit data for smart contracts, decentralized finance (DeFi) projects, and cryptocurrency exchanges can be accessed by decentralized applications (dApps). Earlier, 1inch raised $2.8 million in a funding round led by Binance Labs. However, the round was led by Binance Labs, with FTX, Galaxy Digital, Dragonfly Capital, and several others.
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Victor Ugochukwu · Oct 26, 2020 . 5min read