According to Chainalysis, hackers have stolen more than $1.9 billion from exchanges and DeFi projects by July this year, a 60% increase over the same period of time last year, including more than $600 million from the hack of the blockchain network used by Axie Infinity, a leading NFT GameFi company.
As increasingly more businesses and individuals start adopting crypto assets, ensuring cyber security is a critical issue for both service providers and users.
XREX is a crypto-fiat exchange and trusted stablecoin payment platform renowned for its world-top security and international security standards. XREX helps public companies, small and medium enterprises, cross-border merchants, and retail users process cross-border payments and crypto transactions.
XREX security team announced today that it has successfully defended against the penetration test conducted by a UK-based security firm NCC Group. XREX passed with “no critical and high risk.”
The purpose of introducing rigorous external penetration testing is to invite cyber security experts from different fields to simulate attacks with a hacker mindset.
“Apart from verifying that the XREX platform does not have any critical and high risk, the NCC Group’s testing also showed that there are no unknown risks to XREX, which is very reassuring,” said Sun Huang, Chief Security Officer and General Manager of XREX. “This demonstrates that XREX’s internal security strategy is well-established and can withstand external scrutiny and testing.”
The XREX cyber security team has decades of collective experience in international cyber security, from Security by Design, Defense-in-Depth, to regular internal red team exercises, which require internal staff to play a white hat user and to simulate invasion and attack XREX’s own products and exchanges. All mechanisms are strict and compliant with the highest standards of international cyber security, providing XREX users with the safest and cleanest trading environment.
“XREX holds itself to the highest standards to protect users’ assets,” said Wolf Chan, XREX cyber security engineer who led the NCC Group penetration testing project. “We constantly improve our security capabilities, study new attack techniques, and maintain a strong curiosity to disassemble threats — these are XREX’s strongest backbone.”
“While conducting penetration testing, XREX continues to maintain its existing pace of product development and project execution,” said Chan. “Time is the biggest pressure in the initial and final tests. We have to effectively communicate across different departments to ensure the allocation of resources and the accuracy of schedule evaluation without affecting existing operations.”
XREX partners with international banks to provide users with smooth global US dollar deposit and withdrawal services. Security and anti-money laundering are key factors that matter the most to banks before agreeing to work with crypto exchanges.
Since its inception in 2018, XREX has invested significant resources and time in laying the foundation for security and compliance.
In August this year, XREX announced its ISO/IEC 27001 certification. After obtaining licenses and registration permits in the US, Canada, Lithuania, Estonia, and Taiwan, XREX is also in the process of applying for a Major Payment Institution (MPI) license in Singapore.
Related articles:
2. Web3 Security Playbook: Blockchain Threat Tactics and Tactics You Should Know
About XREX
XREX is a neo-fintech leveling the playing field by partnering with banks, regulators, and verified individuals to redefine banking together. Our blockchain-driven solutions create a collective financial system that empowers all to participate and contribute to the global economy.
Founded in 2018 and headquartered in Taipei, XREX comprises a team of world-leading experts in cybersecurity, fintech, compliance, and cryptocurrency to offer a full suite of innovative products such as XREX crypto-fiat exchange, BitCheck, XREX Clubs, Risk Level Detector to solve dollar-liquidity shortage issues faced by cross-border merchants in emerging economies.
Follow XREX on Discord, Twitter, Facebook, Blog, Youtube, and LinkedIn.
