BtcTurk Cyber Attack Exchange Safeguards Cold Wallets Restrains 53M in Stolen Cryptocurrency

BtcTurk, a Turkish cryptocurrency exchange, recently fell victim to a cyber attack, resulting in some of its hot wallets being compromised. As a result, the hackers were able to steal funds from the exchange. While BtcTurk supports over 100 cryptocurrencies, only ten were affected by the breach.

Upon discovering the attack, BtcTurk’s security team took immediate action to protect the platform. However, the exchange reassured its customers that the majority of their cryptocurrencies, which are stored in cold storage, remained safe and unaffected. BtcTurk emphasized that the stolen funds did not pose a risk to user assets, as their financial safety measures exceeded the stolen sums.

In response to the breach, BtcTurk temporarily suspended cryptocurrency deposits and withdrawals to address the issue and restore normalcy to the platform. The exchange has been actively working to fix the problem and minimize the impact of the attack. They have also engaged law enforcement agencies and sought assistance from Binance, a global crypto exchange, to contain the situation.

Binance has already proven its effectiveness by freezing over $5.3 million in stolen funds. The CEO of Binance stated that they continue to invest in investigations and security teams to prevent bad actors from compromising the ecosystem.

Turkey has emerged as a significant hub for cryptocurrencies, ranking third in terms of ownership percentage, according to a report by Triple-A. The country’s active cryptocurrency user base highlights the importance of security for crypto exchanges in Turkey. The report reveals that 19.3% of Turkey’s population actively uses cryptocurrencies, with the UAE holding the highest percentage at 25.3%, followed by Singapore at 24.4%.

BtcTurk’s prompt response and collaboration with Binance demonstrate the exchange’s commitment to safeguarding its customers’ assets. The exchange has resumed deposits and withdrawals for all ERC20 tokens, including cryptocurrencies on the ERC20 network, indicating its efforts to restore normal operations.

Related: 50 Cent’s account hacked to manipulate the price of fake GUNIT crypto.
Tags: Hack