Major Indian Bitcoin Exchange Unocoin Offline After Discovering Major Security Flaw

Unocoin, an industry leader among India’s bitcoin exchanges, went offline on Monday night following the discovery of a serious security vulnerability. Also Read: Indian Bitcoin Adoption Responds to Government Signalling for Regulation The Vulnerabilities Have Surfaced Just Weeks After a Unocoin Customer’s Account Was Hacked Major Indian bitcoin exchange, Unocoin, went offline late Monday night

The post Major Indian Bitcoin Exchange Unocoin Offline After Discovering Major Security Flaw appeared first on Bitcoin News.

Unocoin, an industry leader among India’s bitcoin exchanges, went offline on Monday night following the discovery of a serious security vulnerability.

Also Read: Indian Bitcoin Adoption Responds to Government Signalling for Regulation

The Vulnerabilities Have Surfaced Just Weeks After a Unocoin Customer’s Account Was Hacked

Major Indian bitcoin exchange, Unocoin, went offline late Monday night following the discovering of a significant security flaw. Unocoin CEO and co-founder, Sathvik Vishwanath, is anticipating that Unocoin will return to regular operations by the “end of day Tuesday”. “We identified that there was an issue with the way the files were being stored and are resolving that part. We are also moving the servers to a more secure location,” Vishwanath told the Economic Times India in a recent interview.

The company has stressed that all customer funds are safe, but has mandated that users change passwords upon logging into their accounts. Technical specifications pertaining to the security vulnerability and its discovery have not been publicly disclosed.

The vulnerabilities have surfaced just weeks after a data scientist from Bengaluru had his Unocoin account hacked. The hacking victim, who concealed his identity, reported that upon logging into his account, he immediately received an email with a link for a password reset, and then an email confirming that his password had been changed.

Many Are Speculating That the Discovered Vulnerabilities May Have Been Linked to the Customer’s Account Getting Hacked

Upon realizing that his account was being hacked, the individual then became aware that two transactions had been initiated moving approximately 0.3 and 0.4 bitcoin from his account. The data scientist quickly sent an email to Unocoin, before driving to their local Bengaluru headquarters. Unocoin was able to lock his account and prevent a third unauthorized transaction from occurring, but unfortunately had already processed the first two transactions.

Major Indian Bitcoin Exchange Unocoin Offline After Discovering Major Security Flaw

Many within the cryptocurrency community are speculating that the vulnerabilities discovered by Unocoin may have been exploited by those who hacked the data scientist’s account, although Unocoin has not made a statement addressing said speculation.

Unocoin has seen an increase in transactions, account verification requests and customer support queries following the increased media exposure of bitcoin heading into June. Along with the increase in customer base, Unocoin has also seen an increase in reported wallet hacks – with the company claiming that it saw nine cases last month, more than double the monthly average of just 3 or 4. As a precautionary measure, the company has temporarily reduced its automatic transaction approval threshold to 0.1btc, as opposed to the normal limit at 0.5btc.

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Images courtesy of Shutterstock and Unocoin


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The post Major Indian Bitcoin Exchange Unocoin Offline After Discovering Major Security Flaw appeared first on Bitcoin News.

What is the BTCC DAX Platform?

TheMerkle BTCC DAXCryptocurrency exchanges are always looking to gain a competitive edge. In the case of BTCC, one of China’s major Bitcoin exchanges, branching out to a new platform seems to be the right way to go. The company recently launched their BTCC DAX platform, which serves as a full-fledged cryptocurrency exchange. The first trading pair on this platform is ETC/BTC, which caught some people by surprise. A Closer Look at the BTCC DAX Platform It is always quite interesting to see how cryptocurrency exchanges operate. More specifically, a lot of exchanges support fiat currencies, whereas others may not necessarily do so.

TheMerkle BTCC DAX

Cryptocurrency exchanges are always looking to gain a competitive edge. In the case of BTCC, one of China’s major Bitcoin exchanges, branching out to a new platform seems to be the right way to go. The company recently launched their BTCC DAX platform, which serves as a full-fledged cryptocurrency exchange. The first trading pair on this platform is ETC/BTC, which caught some people by surprise.

A Closer Look at the BTCC DAX Platform

It is always quite interesting to see how cryptocurrency exchanges operate. More specifically, a lot of exchanges support fiat currencies, whereas others may not necessarily do so. This is quite an interesting development, although supporting fiat currencies would require specific licenses in most countries. Launching a pure cryptocurrency exchange can be subject to some laxer regulatory requirements.

However, a lot of companies try to do both at the same time. BTCC is doing exactly that by launching their new DAX platform. This news caught a lot of people by surprise, though, as it was not something the market anticipated at this time. Then again, the Chinese company saw a market opportunity and plans to take full advantage of it moving forward. That said, the BTCC DAX platform will be well worth keeping an eye on, that much is evident.

What this platform will do is allow users focus on trading cryptocurrencies only. There will be no fiat currency support for the time being, although the regular BTCC platform will continue to support fiat currencies without any issues. It is also worth mentioning the number of trading pairs on BTCC DAX will be fairly limited for the time being. As of right, there is only the ETC/BTC pair, which is another surprise by the BTCC team.

A lot of people had expected this platform to launch Ethereum trading from day one. Given Ethereum’s popularity in China, that would make a lot of sense. Then again, BTXX DAX feels Ethereum Classic has a better chance to generate initial volume for this new platform. Considering how the Ethereum price has fallen spectacularly in recent days, this could be the right choice in the end. It is always possible ETH/BTC trading will be added to the platform in the future, though.

It is also worth noting the BTCC DAX platform is fully supported by the BTCC customer service team. Traders can contact support around the clock and they will be aided as soon as possible. The goal is to respond to open tickets within twelve hours, although your mileage may vary based on how popular the platform becomes over time. New clients will need to go through an onboarding process, albeit it seems this should take a few minutes to complete.

In the end, it is good to see new platforms such as BTCC DAX come to fruition. There is a growing need for popular cryptocurrency trading solutions. Altcoin exchanges such as Bittrex and Poloniex will always be popular, but BTCC DAX may prove to bring some very stiff competition to the market in the coming months. It will be interesting to see how popular the platform becomes, as trading goes live later today. It may also provide a significant boost to the Ethereum Classic price across exchanges around the world.

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South Korean Bitcoin Exhange Platform Issues IOUs In The Aftermath Of Hack Attack

South Korean Bitcoin exchange platform Yapizon suffers over $5.5 million loss from hacker attack, issues IOUs to users. With Bitcoin and other cryptocurrencies on the rise for a while now, it comes as no surprise that hackers and cyber-criminals are shifting their attention to exchange platforms. A relatively unknown South Korean exchange platform, Yapizon, was … Continue reading South Korean Bitcoin Exhange Platform Issues IOUs In The Aftermath Of Hack Attack

The post South Korean Bitcoin Exhange Platform Issues IOUs In The Aftermath Of Hack Attack appeared first on NEWSBTC.

South Korean Bitcoin exchange platform Yapizon suffers over $5.5 million loss from hacker attack, issues IOUs to users. With Bitcoin and other cryptocurrencies on the rise for a while now, it comes as no surprise that hackers and cyber-criminals are shifting their attention to exchange platforms. A relatively unknown South Korean exchange platform, Yapizon, was … Continue reading South Korean Bitcoin Exhange Platform Issues IOUs In The Aftermath Of Hack Attack

The post South Korean Bitcoin Exhange Platform Issues IOUs In The Aftermath Of Hack Attack appeared first on NEWSBTC.