Poloniex customer sold the exchange's vulnerability

Poloniex customer sold the information about the exchange's bug for support's ignoring
17 August 2017   3822

The Poloniex crypto-exchange trader under the nickname Poloniex2FASucks detected a bug in the platform security system and then sold the information about it, as he was ignored by the support's team. He shares his history on Reddit.

As the user reports, he managed to easily bypass the two-factor authentication when withdrawing funds from the exchange account:

I managed to withdraw cryptocurrencies from an account without having access to the 2FA device, both for login and for withdrawal confirmation. I withdrew from an account that I picked, having access to the password from a leaked database. ... You open your emails in a client that provides those "preview" images, you've confirmed your outgoing transaction by opening the email. 
 

Poloniex2FASucks on reddit.com

According to the post, the customer wrote a letter to the Poloniex support service about the vulnerability found, but even after 60 days he did not receive a response.

I'm guessing they have no interest in fixing it, and that it is intentional. 
 

Poloniex2FASucks on reddit.com

A bit later, it has been reported that the information about the vulnerability was sold.

Finally, Poloniex2FASucks notes that other customers should not trust the company their funds as it can not even implement two-factor authentication on the platform and correctly configure the robots.txt file. He also advises all Poloniex users to withdraw their funds from the stock exchange as soon as possible.

Experts Ask China Don't be in Rush For Own Crypto

Ex deputy chairman of the Bank of China said the CB should take part in the development of international regulation of crypto assets firstly
27 January 2020   125

China should strengthen cooperation with other countries to regulate the cryptocurrency industry, and not accelerate the development of its own digital currency, experts say. It is reported by the South China Morning Post.

So, the former deputy chairman of the People’s Bank of China, Zhu Min, noted that the central bank, which is developing a digital yuan in many ways as Facebook’s Libra response, should first of all take part in the development of international regulation of such assets.

Ba Shusong, chief China economist for the Hong Kong stock exchange, also believes that monitoring digital currencies requires a system that is controlled from different angles, as they have the potential to change the global financial system.

You would need to first improve the regulatory framework for [financial] technology. There is a need for global cooperation for an alternative regulatory framework.

 

Ba Shusong

Chief China economist for the Hong Kong stock exchange

 

Many fear that the popularity of Libra could strengthen the dominant role of the US dollar. At the same time, Deutsche Bank analysts believe that the digital yuan will undermine the primacy of the dollar in the global financial market.

Hiromi Yamaoka, the ex-head of the Bank of Japan supervisor of payment and settlement systems, also emphasized that the upcoming launch of Libra has caused competition among central banks seeking to make their currencies and services more attractive.

Something like Libra would make transactions costs much cheaper. Major central banks need to appeal that they, too, are making efforts to make settlement more efficient with better use of digital technology.

 

Hiromi Yamaoka

Former head of the Bank of Japan’s (BOJ) division overseeing payment and settlement systems