BtcTurk Ensures Security After Cyber Attack
On June 22, 2024, the Turkish cryptocurrency exchange BtcTurk experienced a cyber attack resulting in unauthorized withdrawals from its hot wallets, affecting 10 different cryptocurrencies. The exchange confirmed that the majority of its assets remain secure in cold wallets. As a precaution, BtcTurk has temporarily suspended cryptocurrency deposit and withdrawal operations while it works to identify the source of the breach and collaborate with authorities to prevent future incidents.
Despite the attack, BtcTurk has assured users that their assets are protected due to the company’s financial strength and commitment to covering any losses. Crypto detective ZachXBT linked the breach to similar incidents, including a prior compromise of the online gambling platform Sportsbet. In response, Binance has secured over $5.3 million of the stolen funds. The attack also coincides with Turkish government considerations to implement a 0.03% tax on crypto transactions, potentially generating significant revenue.
The price of AVAX, one of the affected cryptocurrencies, dropped by 10% following the incident, and suspicious activity was traced to an address that moved approximately $54.2 million worth of AVAX to other exchanges. BtcTurk has promised to resolve any financial grievances resulting from the attack and is focused on restoring full functionality to its platform.
