Cryptocurrency exchange platform Crypto.com has announced a new bug bounty programme, offering up to $2 million (£1.58 million) in rewards for the reporting of security vulnerabilities.

The new programme is being run with HackerOne, which already runs an existing bug bounty scheme with Crytpo.com, however this latest programme represents the largest reward available across all bug bounty programmes with HackerOne.  

“When you operate a global app serving more than 100 million customers, finding critical security gaps before bad actors do is essential to system integrity and customer trust,” said Kara Sprague, CEO of HackerOne.

“This record-breaking bounty reflects the significant emphasis Crypto.com puts on consumer protection and their appreciation of the value the ethical hacking community can provide.”

The crypto platform claims to have more than 100 million customers worldwide, and has achieved multiple certifications across cloud security, privacy and information security, as well as conforming to NIST Cybersecurity and Privacy Frameworks.

However, in order to achieve its stated mission of “Cryptocurrency in Every Wallet”, the crypto exchange has issued this latest challenge in the hopes of identifying any remaining gaps in its cyber defences.   

“While we have dedicated significant efforts to achieve top-tier security certifications, maintaining security assurance requires continuous focus and improvement,” said Jason Lau, CISO for Crypto.com.

“Deepening our relationship with HackerOne through this milestone and setting this landmark bounty underscores our commitment to enhancing safeguards and consumer protection.”

The crypto market has become a priority target for cyber-criminals, with research from web3 bug bounty platform Immunefi finding a loss of over $1.4 billion (£1.1 billion) across 209 specific incidents up to November 2024. 

Immunefi’s research found that hacks continue to be the predominant cause of crypto losses, making bug bounty programmes like Crypto.com’s a vital security component for crypto platforms.

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Yesterday, it was reported that Japanese cryptocurrency platform DMM Bitcoin is shutting down with plans to transfer customer accounts and assets six months after hackers stole over $300 million (£236.8 million) in Bitcoin, with the company reportedly attributing the move directly to the attack.

With the FCA recently estimating that over seven million people in the UK now own cryptoassets, and those numbers rising, security measures for traders are essential if cryptocurrency is to become as trusted as traditional forms currency.