New Details Emerge In Relation To Recent Crypto Scam With Turkish Bitcoin Exchange Sistemkoin

New Information Comes to Light In Relation To Recent Crypto Scam

As some of our regular readers may remember, it recently came to light that Sistemkoin’s native operational protocols contained within them a few intrinsic flaws that allowed miscreants to essentially spy on other people’s support tickets.

Sistemkoin is Turkish crypto exchange with a total volume of around $150 million. However, what is interesting to note is that over the course of the past few weeks, many users have reported experiencing a host of problems while trying to withdraw their funds (from the exchange) as the bitcoin ecosystem could be experiencing another trading platform setback.

To be a bit more specific, one user claims that despite making use of the 2-FA security module being offered by the platform, Sistemkoin constantly doled out the assets in question to a “completely wrong wallet address”.

When asked for a comment on these allegations, a representative for Sistemkoin stated that exchange did not “investigate the claims put forth by third-party sources”.

Lastly, it should also be pointed out that the aforementioned issue is also being faced by a number of investors from smaller altcoin markets such as India. For example, a Bangalore-based day trader named Naresh posted a tweet recently wherein he mentioned that he too has been facing a lot of challenges while trying to process his withdrawals.

More On The Matter

In regards to Naresh’s case, a Sitemkoin executive came forth and said that he was trying to scam the exchange.

“He did two withdrawals and receive two mails. He’s confirming one of them and claiming that he did not withdraw to that address. Not only that, after 12 ETH withdraw, he claimed that we stole his coins.”

Final Take

In closing out this piece, we should mention that these recent incidents suggest that both the claimants as well as SistemKoin’s dev team have valid points to support their respective arguments. However, as a word of caution for our readers, it is generally not advisable for traders to make use of an exchange that possesses a low tx volume or has a small customer base.

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Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[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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