At Cryptoprocessing.com, we prize the security of our clients’ funds above all else. As you may know, our crypto gateway and wallet have just passed an audit by Kaspersky Labs. This is the highest industry recognition of our status as one of the safest crypto platforms. In this post, we’ll tell you more about how we protect your money.
Cold storage of client funds
Cryptoprocessing.com uses a system of hot and cold wallets for the optimal combination of speed and security. Before we get down to details, here’s how these two types of wallets differ:
A hot wallet is any device connected to the Internet that you use to store crypto. Hot wallets are very convenient in that they provide immediate access to funds. They are divided into desktop wallets (the software you have to install), web wallets, and mobile apps.
A cold wallet is a special device that isn’t connected to the internet. Popular cold wallets include Trezor and Ledger Nano and are only a couple inches long. When you need to make a transaction, you connect the wallet to your computer via USB. Apart from a personal key, cold wallets are protected by PIN numbers. Even if a thief gets access to the wallet, it’s almost impossible to steal the funds on it.
On Cryptoprocessing.com, client funds are initially sent to a dedicated address in a Cryptoprocessing.com hot wallet. Next, they are immediately moved to a cold wallet where they cannot be stolen or tampered with. Cryptoprocessing.com uses its own operational reserves to ensure instant payouts and withdrawals.
Each of our clients can set the threshold amount beyond which the funds will be sent from the hot wallet to the client’s external address. That can be any crypto wallet belonging to the client: Cryptoprocessing.com has no control over external addresses.
Kaspersky Labs audit
Even though our security team has conducted multiple in-depth tests, we didn’t want to leave anything chance. So we subjected our system to an advanced audit by Kaspersky Labs — a leading global IT security provider that works with such companies as Ferrari and Telefonica. Kaspersky experts went over every line of our code — front-end and back-end, including everything that has to do with the blockchain.
As explained by Pavel Pokrovsky, Blockchain Security Group Manager at Kaspersky, every vulnerability in the code ‘can be exploited by malicious actors or (…) serve as an open door for fraudsters.’ Moreover, an independent security audit is required by our customers’ banks, since we process crypto-fiat transactions.
We are proud to say that the Kaspersky audit team didn’t detect any vulnerability in our system. This is another proof that our customers’ funds are safe and secure.
Continuous monitoring
Our security team constantly monitors all the activity within the network. Any suspicious fund transfers are immediately flagged, and we can easily trace any transaction. All large and otherwise mission-critical operations require multiple confirmations by the client. We are proud to say that none of our clients has ever lost funds to hackers or fraudsters while using Cryptoprocessing.com products.
Apart from our own cybersecurity personnel, we work with third-party security contractors who help us audit and upgrade our system. Hackers keep getting more sophisticated — and so do our safety procedures.
Cryptoprocessing.com solutions are already among the safest available on the market. Follow our updates and don’t miss the release of the CoinsPaid wallet!
