BtcTurk Cyber Breach: Exchange Secures Cold Wallets, Freezes $5.3M in Stolen Crypto

Turkish cryptocurrency exchange BtcTurk has been hacker-targeted with some of its hot wallets affected by the cyber attack that recently occurred. These enabled the hackers to drain funds from the exchange as whilst it has over 100 supported cryptocurrencies, only ten were affected by the breach.

The attack was noticed by BtcTurk’s security team and the corresponding actions to protect the platform were immediately taken. However, with the said breach, BtcTurk reassured its loyal customers that most of the cryptocurrencies in its platforms, which are stored in cold storage, are safe and unharmed. It affirmed that financial safety exceeds the stolen sums, therefore excluding user assets from risk-related losses.

Crypto Deposits and Withdrawals Halted

Subsequently to the attack, BtcTurk being an exchange decided to suspend deposits and withdraws in cryptocurrencies. The people of this exchange are not idle sitting back instead they are trying to fix the problem and bring the platform back to normal as fast as possible.

To minimize the effects of the potentially devastating attack, BtcTurk has engaged law enforcement agencies, and in a bid to contain the situation, Binance, a global crypto exchange has offered its services in the case. 

Binance Freezes Over $5.3 Million in Stolen Funds

Binance has already proved its efficiency – it was able to freeze over $5.$3 million, stolen funds. Binance CEO said, “We have continued to have our investigations and security teams so that we can always be on the advance trying to prevent the bad actors from taking over the ecosystem.”

Turkey stands out as an active hub for cryptocurrencies, and as per the Triple-A report, it occupies the third place regarding the ownership percentage of cryptos. This makes the security of crypto exchanges in Turkey very sensitive. Such narrative supports the report by pointing out that 19. 3% of Turkey’s population actively uses cryptocurrencies while UAE holds the highest stats (25. 3%) followed by Singapore (24. 4%).

BtcTurk’s Response Highlights Importance of Exchange Security

BtcTurk’s quick reaction and collaboration with Binance demonstrate the exchange’s dedication to protecting its clientele’s assets. It stated that the deposits and withdrawals for all the ERC20 tokens including cryptocurrencies on the ERC20 network have been resumed, which indicates that the exchange is trying to return to normalcy.

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