Cryptology Security Review 2022_

3 mins to read
Cryptology Security Review 2022image

Cryptology Security Review 2022

Cryptology makes up the list of the world’s top 100 centralized crypto exchanges. Like all other exchanges, Cryptology offers opportunities for instant buying, selling, and converting crypto assets. Unlike other platforms, Cryptology focuses on the derivatives market. Users can trade futures contracts with up to ×100 leverage, with spot trading, bank card support, and some of the lowest fees on the market. But is Cryptology secure? Let’s find out.

How secure is Cryptology?

10/10 in Cybersecurity Score by CER

7/10 in Trust Score by CoinGecko

Cryptology is exceptionally secure, with a triple-A rating and max score from CER. According to CER’s comprehensive methodology of 20 indicators, Cryptology is among the top10 most secure crypto exchanges. Three Ticks in CERtified badge means max scores in a bug bounty, pentest, and proof of funds.

Bug Bounty

Bug bounty program is a way to receive reports on security flaws from hackers and independent security researchers before cybercriminals can exploit those vulnerabilities. Cryptology has an active bug bounty at HackenProof with $2,225 paid in total bounties and 28 bug reports resolved. The bug bounty will be active for more than a year from now. We should expect more prizes and more found bugs in the future. Bounties are capped at $50,000 for critical bugs. So far, 58 external security haven’t been able to find any critical or high-severity bugs.

Penetration Test

A Tick in penetration testing means that professional security experts have imitated real-world cyberattacks on Cryptology systems to identify critical internal and external vulnerabilities. Cryptology received a 10/10 for a penetration test from CER with a 100% scope coverage conducted less than a year ago.

Proof of Funds

A Tick in proof of funds confirms that Cryptology is not involved in any form of financial manipulation or fraudulent activities. Cryptology is solvent with more than $1 million in assets and funds insurance. Currently, the exchange has $1.46 on balance, with $487.75k in BTC and $972.83k in ETH.

Cryptology has had a top defense for quite some time. In February this year, Hacken put Cryptology first. Today, like months before, Cryptology is a proud holder of AAA from CER. Indeed, the platform has max scores for Server Security, User Security, Device Management, and Compliance with ISO/IEC 27001 certification from Moreover, there haven’t been any significant incidents with Cryptology for the past two years.

Security comparison with other exchanges (Oct 6, 2022)

Trading volume and users

With an average daily volume of $34 million, Cryptology makes up the list of top 100 largest exchanges in the world. Cryptology’s website has around 27k monthly visits. The past year’s daily trade volumes typically ranged between $25 and $50 million. Because cryptology is relatively small, it does not have more than 30 coins available for trade. However, it focuses on the derivatives market, such as the 100x leverage for futures. 

Final Words on Cryptology Security

Despite its relatively low market share, the security level of Cryptology is on par with the most trusted crypto exchanges. Cryptology has the max score from CER and a decent result in CoinGecko’s Trust Score.

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