👀👀Did a Turkish Whale Do It? $220 Million Worth of Ethereum Withdrawn from the Exchange! 👀👀

It turned out that the $220 million Ethereum transfer of the Turkish cryptocurrency exchange BtcTurk was not a whale purchase, but a security measure taken due to a cold wallet exchange.

The $220 million Ethereum transfer made via BtcTurk last night at 12:00 p.m. Turkish Time caused a huge stir on social media. According to the information shared by Whale Alert, it was reported that more than 63 thousand Ethereum was transferred to unknown wallets. At first, it was thought that this transaction was a large amount of Ethereum purchased by a Turkish whale.

However, research on the subject refuted the whale claims. Twitter user Astronomica stated that these large transfers were BtcTurk's cold wallet exchange transaction, according to the examination he made on-chain data. In addition, the user, who stated that altcoins were also transferred, stated that this transaction could be a security measure taken after the recent hack attacks. When the details of the transfer were examined, it was understood that the funds were moving between wallets directly under BtcTurk's control.

BtcTurk was subject to a major cyber attack on June 22, 2024, and in the initial statements, it was reported that the attack caused a loss of $55 million. The exchange announced that the attack was aimed at hot wallets and that cold wallets were completely safe.

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