Major Security Issues Plague Turkey's Crypto Exchange Sistemkoin Despite $68 Million in 24-Hour Volume

For any other crypto exchange, it would be a momentous day at the platform to perform $68 million in volume over a 24-hour period. However, for users of Sistemkoin, this may not be enough to cause a celebration. Unfortunately, a security researcher has found that the exchange has multiple security issues that need to be resolved.

The anonymous researcher indicates that there are two aspects the report, though the main point is that users with an account on the exchange and a program called Burpsuite seem to be causing the issue. Over the last week, the tipper has been working to let Sistemkoin know about the problem with no response and no success. With these two components, the public is able to see the support tickets of users.

Many personal details are exposed with this reveal for support tickets, putting investors at risk of exposing personal information. Most of the tickets were related to withdrawal issues, which indicates two issues – the lack of following security practices and the fact that users are having issues with withdrawals.

Every crypto exchange needs to be able to make withdrawals for its users since even a scam can allow deposits. True exchanges have the power to do both, and there is even an annual event called Proof of Keys that tests the validity of these exchanges.

Binance and other authentic exchanges have no difficulties because their business model and software is exactly as it should be. However, false exchanges have much more to worry about. A recent tweet from Sistemkoin said,

“Due to an update on the server where BTC wallets are located, BTC deposits and withdrawals have been paused. After the update, all the wallet addresses in our exchange will be renewed. All our investors need to re-create BTC wallets and make all BTC deposits using new wallets”

Still, most of the tickets for help have been ignored. The source commented,

“While browsing, 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 the support tickets are about users complaining as they weren’t able to withdraw tokens.”

The user on Sistemkoin only has to replace the ticket number with a separate support ticket. The source showed screenshots of the process to CCN. At this point, Sistemkoin still has not replied.

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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