BTC Turk Hack: Exchange Reports Cyber Attack with €51 Million Stolen
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Jun 23 2024- BtcTurk Hack: Turkey's largest cryptocurrency exchange, BtcTurk, was hacked resulting in uncontrolled withdrawals from hot wallets affecting ten cryptocurrencies.
- Statement from BtcTurk: Assured users that assets in cold wallets are secure, halted deposits and withdrawals, and stated financial strength unaffected by the attack.
- AVAX Tokens Targeted: Majority of stolen assets were AVAX tokens; believed to have been exchanged for Bitcoin complicating the investigation.
- Binance's Role: Binance is helping investigate the hack, froze over $5 million of stolen funds, and working to protect the crypto ecosystem.
- Turkey's Crypto Landscape: Turkey has seen a rise in crypto usage since 2020 due to lira devaluation, with previous incidents like Thodex founder's fraud case and Lykke's exploit. Proposed legislation aims to regulate crypto transactions in the country.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
