Default [Q] "The machine has a serious error, need reboot"

Hello,
I was delivered my Onda v975m v3 with 1.0.8 firmware, and upgraded to 1.1.0 with no problems. I was happy with the performance, but after some time the problem started.
Namely after many hours of constant using my device just crashed with white screen and red message saying: "The machine has a serious error, need reboot to repair".
So it reboots, and everything seems to be ok...till next crash :/
After a few crashes it stopped to reboot, so i decided to flash official KitKat beta hopefully thinking that it will solve the problem.
But it didn`t, and moreover another issue appeared.
Now my internal SD card is broken. I don`t have an access to the storage, and have a permanent notification saying: "SD card damaged. You may have to reformat it".

Well it doesn`t look good at all, but device is still working and applications are able to run.
I was searching other forums looking for the similar problem, but it seems it is very first case of such an issue.

Do you have any idea either it is a hardware or (hopefully) some firmware problem? Is there anything I can do to fix it? Thanks in advance.