🚨 Turkey's Biggest Crypto Exchange BtcTurk Hacked! 🚨
BtcTurk, Turkey's largest crypto exchange, announced on Saturday that it had been hacked. A popular Bitcoin analyst claims the hack resulted in nearly 51 million euros being stolen.
The exchange explained that on June 22, 2024, a cyber attack led to unauthorized withdrawals. Only some balances in hot wallets for 10 cryptocurrencies were affected, while the cold wallets, where most assets are stored, remain safe.
Hot wallets are always connected to the internet, making them more vulnerable, whereas cold wallets are offline and secure from hacking.
#BtcTurk reassured users that their financial strength far exceeds the amount stolen, and user assets will not be impacted. They are conducting detailed research and have notified security authorities. As a precaution, cryptocurrency deposits and withdrawals have been paused and will resume once the issue is resolved.
Bitcoin analyst ZachXBT suggested that the culprit might be an address he has been monitoring, which has moved 1.96 million AVAX ($54.2 million) to Coinbase and THORChain. He shared this address in his post.
Cryptocurrencies are hugely popular in Turkey, the fourth-largest crypto trading market globally. Their use surged after 2020 as a hedge against the declining value of the lira.
In a related note, Faruk Fatih Ozer, founder of the now-defunct Thodex exchange, was jailed last year for 11,196 years for defrauding investors of millions.
Stay tuned for updates!
