Bitcoin
Turkey’s largest cryptocurrency exchange BtcTurk has been hacked
Cryptocurrency use in Turkey began to increase rapidly after 2020 as a defense against a deep drop in the value of the lira.
ANNOUNCEMENT
Turkey’s largest cryptocurrency exchange, BtcTurk, said in an announcement on Saturday that its exchange had been hacked, while a popular Bitcoin analyst claimed that the amount of money stolen totaled almost 51 million euros.
“Our teams detected that there was a cyber attack on our platform on June 22, 2024, which caused uncontrolled withdrawal processing. Only some of the balances in the hot wallets of 10 cryptocurrencies were affected by the cyber attack in question, and our cold wallets, where the majority of assets are held, are safe,” the exchange said in the statement.
A hot wallet is a cryptocurrency wallet that is always connected to the internet or another connected device – while a cold wallet is one that is offline and protected from hackers.
“BTTCurk’s financial strength is well above the values affected by this attack, and users’ assets will not be affected by these losses,” the market added.
The exchange further added that they are conducting “detailed research” into the matter and that security authorities have been noted.
“Out of an abundance of caution, cryptocurrency deposits and withdrawals have been paused and will be available for use once our work is complete,” BtcTurk concluded in the statement.
“We thank you for your understanding during this process and inform you that we will share with you all developments regarding the matter.”
ZachXBT, a well-known Bitcoin analyst, said in a post on THORChain.” The analyst also attached a cryptocurrency address to the post.
Cryptocurrencies are very popular in Turkey and the country is the fourth largest crypto trading market in the world.
Cryptocurrency use in Turkey began to increase rapidly after 2020 as a defense against a deep drop in the value of the lira.
Faruk Fatih Ozer, the founder of Thodex, one of Turkey’s largest crypto exchanges that turned out to be an exit scam, was jailed last year for 11,196 years for defrauding investors of millions of dollars.