Terra Luna Classic Loses BtcTurk Listing After Disastrous Hack
BtcTurk, the largest Turkish cryptocurrency #exchange , was hit by a massive cyber attack over the weekend. The exchange claimed that one out of every ten crypto balances in its hot wallets were affected and that LUNC would be delisted. Famed on-chain detective ZachXBT chimed in to estimate a total damage of $54.20 million.
Further Research Hints at $90M Missing
ZachXBT counted 1.96 million Avalanche (AVAX) tokens in a suspicious crypto address. The address was used to siphon digital assets from BtcTurk and later swapped into assets on Coinbase and THORChain.
Upon closer examination by blockchain security audit company CertiK, it was determined that over $90 million of crypto funds were drained from the platform.
The major security breach triggered a massive sell-off of certain cryptocurrencies that the fraudsters managed to get their hands on. Besides the 1.96M $AVAX coins spotted by ZachXBT, 350,000,000,000 #TerraLunaClassic (LUNC) tokens were drained from BtcTurk’s treasury.
These $LUNC coins, equaling $28.55 million, were moved between crypto wallets in an attempt to conceal the origin of the funds. Upon further investigation by DailyCoin, the fraudsters first cashed out 325B #LUNC✅ tokens from one of BtcTurk’s hot wallets. These digital assets were conveyed to multiple decoy wallets on Terra Classic’s chain before finally being deposited to Binance.
