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Significant Security Problems Show Up On Turkish Crypto Exchange Sistemkoin

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Scarmers

Popular Turkish crypto exchange Sistemkoin proves to be working great after reporting a $68 million in volume over the past 24-hours, however, according to a user report reaching into our blockchain news, the exchange faces serious security problems.

The report says that there are two aspects to security issues. The first notes that anyone with a program called Burpsuite and a Sistemkoin account is able to compromise the support tickets of other users and allegedly the exchange was notified of the problem but never responded.

The other aspect shows that the most tickets were related to withdrawal problems. This could be a consequence for not following basic security practices.

Withdrawals are the most important element of a crypto exchange because it proves that the customers can rely on the exchange. On the annual event named ‘’Proof of Keys’’, the validity of exchanges is tested. Major exchanges such as Binance have it easy on these days since their business model and software is properly written.

The problem is that the tickets seem to be ignored and as one analyst said:

‘’While browsing Sistemkoin.com, I found a few critical vulnerabilities where I was able to view and comment on support tickets of any user of the exchange. As they didn’t respond I went through few support tickets and found that most of support tickets are about users complaining as they weren’t able to withdraw tokens.’’

This means that a user on the platform simply replaces the ticket number with the number of another support ticket which makes easy for hackers to understand the full process and get a hold of the data. The analyst said:

‘’While viewing the support ticket, the attacker intercepts the request to the server and changes the support ticket ID parameter to victims support ticket using any tool like burp suite.’’

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Blockchain News

Vietnamese Blockchain Startup Utop Gets $3 Million From FPT Corporation & SBI Holdings

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The major technology company FPT Corporation and the prominent financial services provider SBI Holdings are one of the names featured in the latest cryptocurrency news on our website, because of their $3 billion investment in a Vietnamese blockchain startup named Utop. According to news coming from the local English language daily news outlet Viet Nam News reported on April 19, both FPT Corporation and SBI Holdings Inc. have signed a memorandum of understanding (MoU) to invest the $3 million in the Vietnamese blockchain startup Utop. What the Utop startup brings to the table is a revolutionary technology that would allow users to gain and redeem loyalty points at merchants within the same network. As the news show, the project will purportedly enable small businesses registered on the network by reducing their costs and securing data through the akaChain platform. As the chairman of FPT Truong Gia Binh said when asked about their investment in the Vietnamese blockchain startup:
“The development of Industry 4.0 technologies has created breakthrough opportunities for businesses, mushrooming so many innovative business models. We call it digital transformation.”
As featured on many best cryptocurrency news sites so far, SBI has managed in a number of ventures in the cryptocurrency sector such as its own exchange Vctrade alongside a series of investments in many businesses related to cryptocurrency infrastructures and services. Last October, for example, SBI partnered with Ripple's XRP powered payments app, MoneyTap, showing up in the altcoin news section and going live with the system whch helps account holders at selected Japanese banks. At the time, the app was designed to include a consortium of 61 institutions including more than 80% of all Japan's banking assets in a single service. Right now, the company has a massive interest in the Vietnamese blockchain startup Utop and is looking forward to the development of its infrastructure. Previously, the company's general director Ngo Vinh Quy talked about blockchain (during the partnership with the largest telecommunications operator in the country, Viettel Group) stating:
“Blockchain is an unlimited ecosystem. The most difficult task for Viettel is choosing the most effective blockchain technology that can be applied in daily life."
 
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Blockchain News

QuadrigaCX Chief Executive Feared For His Life According To A Close Friend

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QuadrigaCX Chief Executive Gerald Cotten allegedly feared for his life because of the massive amounts of funds he controlled. According to the latest information that comes in our altcoin news, a former friend and colleague claims that Cotten was under a lot of pressure. Adam O’Brien, an entrepreneur and a close friend to the QuadrigaCX Chief Executive, explained that Cotten worried that he might end up being kidnapped because of the crypto assets holdings since they reached a sum of millions of dollars that only he had access to, according to the statement in the Global News:
‘’Gerry was holding, we know, over $100 million, almost $200 million dollars in funds. That makes people do some pretty crazy things. And I think Gerry was aware of that, and I think he was kind of worried that something might happen.’’
O’Brien also outlined that the only way to access the funds is if Cotten had already set up multiple contingency measures. He stated that the QuadrigaCX Chief executive should create a backup system in case anything goes wrong. This information can be hopeful for some users of the exchange but everything could be lost if there isn’t a backup system built. When he described Cotten, O’Brien noted that the QuadrigaCX chief executive was a super smart man but that ‘’ a dead man’s switch would be something that Gerry would have had to set up before he passed away.’’ Usually, this kind of a ‘’switch’’ is activated over a long time of inactivity. Some believe that the dead man’s trigger services could send an email to all of the users in a specified period over a month or two. The user is then expected to respond to the emails by clicking a link. However, if the user does not click the link, the trigger is activated instantly or over a grace period. Activation involves sending emails with specific instructions. This is what O’Brien believes that the QuadrigaCX chief executive has already done. As we mentioned previously in the latest cryptocurrency news, the QuadrigaCX chief executive Gerald Cotten died in India after a complication from Crohn’s disease. The funds cannot be accessed still.
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Peter McCormack Sued By Craig Wright After Accusing Him Of Fraud

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Peter McCormack
Peter McCormack, popular podcaster that everyone knows about, got a new lawsuit yesterday from Craig Wright. Reportedly, Peter called Wright a fraud and after he claimed to be the real creator of Bitcoin-Satoshi Nakamoto. In the coming altcoin news below, we read more about the libel claim. Just yesterday, Peter McCormack posted on Twitter a photo of the legal notice he got from Craig Wright. He got the lawsuit after accusing Wright of falsely claiming to be Satoshi Nakamoto. The self-proclaimed BTC creator and the supporting media stated that the lawsuit aims to ‘’prevent McCormack from making further fraudulent claims that Wright is not the individual behind Satoshi Nakamoto pseudonym.’’ In addition, Wright demands a $130,000 in damages plus the legal costs and court fees. Wright’s attorneys served the notification to the defendants and will file the claim next week. However, the lawsuit is not a surprise since Wright has warned that he would sue Peter McCormack and also the co-founder of Ethereum Vitalik Buterin. Wright has targeted both Peter McCormack and Buterin because they have a huge influence in the crypto sector. By taking them to court, he will have a chance to prove that he is the real Satoshi Nakamoto rather than to let the Twitter mob decide. The lawsuit list is likely to grow longer since many believe that Wright is a fraud and gets constantly called out. This includes Roger Ver who was in the Bitcoin Cash camp before the hard fork. Also, the former co-CEP of Bitmain, the BTC mining giant Jihan Wu is on the list of people who ruled out Wright of being the real creator of Bitcoin. On the other hand, Peter McCormack pointed out:
 “Wright maintains that BSV is the real target due to its capacity for massive on-chain scaling, which represents an existential threat to the future of other cryptocurrencies, the flawed design of which prevents them from scaling to meet the needs of a truly global financial platform.”
As previously reported in our latest cryptocurrency news, major crypto exchanges such as Kraken and Binance already delisted Bitcoin Satoshi Vision after Wright took a similar action as towards Peter McCormack only this time to the Twitter user Hodlonaut who initiated the Lightning Torch. Kraken delisted BSV for the same reason and so did the crypto swap service ShapeShift. The only one not delisting the coin is the OKEx crypto exchange.
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Binance Chain Launch: Expected Mainnet Swap Set For April 23

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Binance Chain Launch
One of the largest companies in the crypto sphere, Binance, is featured in the latest cryptocurrency news for launching its mainnet named Binance Chain with which it expects to execute the swap of its native token Binance Coin (BNB) on April 23, according to an official announcement on April 18. Initially published in December 2018, the plans to launch its own blockchain date back to months ago when Binance intended to build a basis for issuing new cryptocurrencies as well as initial coin offering (ICO) tokens.
"Binance Chain launches its mainnet and plans to execute Mainnet Swap on April 23, 2019.Please note that all dates are only our best estimates and are subject to change depending on how things progress. Please stay tuned for any updates during this period."
The Binance Chain launch will also see Binance producing blocks with consensus from the genesis block as of today - and its native coin BNB is planned to be issued in the genesis block. Along with the launch, the exchange provided details for the conversion of ERC-20 based BNB tokens into native Binance Chain-based BNB (BEP2) coins. As such, the exchange emphasized that it will not support the withdrawal of ERC-20 BNB tokens after April 23. Both Binance Chain Explorer and Web Wallet will be available to selected partners in the beta testing mode and are expected to be opened to public access "around April 23, 2019" according to the announcement. What's even more specific in this coming altcoin news is the fact that Binance is planning on releasing more BEP2 coins as more users convert their ERC-20 BNB coins to BEP2 BNB with the Binance Chain launch, while the proportional amounts of the ERC-20 BNB tokens will be burned while "keeping the total supply across both networks constant," as the exchange noted. Currently, Binance is the third largest cryptocurrency exchange in the world. The Q1 2019 profits of the business recorded an increase of 66% compared to the previous quarter, as reported by many best cryptocurrency news sites. In another report, it is shown that Binance earned $78 in Q1 profits due to a massive growth in its over-the-counter platform. Recently, one charity arm of Binance said that it would launch a crypto donation channel to suppor the reconstruction of the Notre Dame cathedral.
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