BtcTurk Crypto Exchange Lost $54 Million in Assets: What is Known About the Hack
Date: 2024-06-24 Author: Gabriel Deangelo Categories: BUSINESS
BtcTurk, one of the leading cryptocurrency exchanges in Turkey, experienced a significant loss of assets as a result of a hacker attack. The hack focused on hot wallets, affecting funds in ten different cryptocurrencies. At the same time, cold wallets, where significant assets are stored, remained unaffected.
Losses and financial stability of BtcTurk
The exchange team stated that the damage from the attack amounted to $54 million, but the financial stability of the platform far exceeds this amount, and user assets will remain unharmed.
“The financial strength of BtcTurk significantly exceeds the amounts affected by the attack, and user assets will not be affected,” exchange representatives said.
Following the incident, BtcTurk suspended deposits and withdrawals of cryptocurrencies from the platform until the investigation into the cyberattack is completed. Local police have been informed of the incident and efforts are underway to identify those responsible.
Founded in 2013, BtcTurk was Turkey's first cryptocurrency exchange to offer a full range of services from digital currency trading to deposits and withdrawals.
Reviews and reactions
Previously, cryptosecurity specialists at CertiK identified a vulnerability in the American exchange Kraken, which helped prevent the theft of $3 million in crypto assets. These white hat hackers were later accused by the exchange itself of hacking.
The BtcTurk incident highlights the importance of cybersecurity in the world of cryptocurrency platforms. The exchange's response and prompt actions in response to the attack show significant efforts to ensure the security of clients' assets. The situation also highlights the need for continuous improvements in technology and collaboration between platforms to protect users and prevent future incidents.
