Crypto Firms Hacked, Millions Lost in Weekend Attacks: Is Your Crypto Safe?

Chaos has ensued!

Millions vanished this past weekend as hackers targeted major cryptocurrency exchanges and platforms in a series of brazen attacks. BtcTurk, CoinStats, SportsBet, and Farcana were just some of the big names caught in the crosshairs, with losses exceeding $95 million according to CertiK Alerts. Were these isolated incidents, or a glimpse into a larger security crisis for the crypto industry?

Read on to uncover the details of these attacks and what they mean for the future of your crypto holdings.

BtcTurk Hit Hard by $90M Attack

On June 22, Turkish cryptocurrency exchange BtcTurk suffered a severe cyberattack. Hackers breached the exchange’s security, gaining control of ten hot wallets and stealing over $90 million in various cryptocurrencies.

As a result, BtcTurk suspended all cryptocurrency deposits and withdrawals to assess the damage and address the security breach. The incident also caused market instabilities. BtcTurk is now working with the police to find the perpetrators and strengthen its defenses against future attacks.

CoinStats Breach Affects 1,590 Wallets

The same day, popular cryptocurrency firm CoinStats also fell victim to a security breach affecting 1,590 wallets. The swift response from CoinStats limited the damage, with only 1.3% of their wallets compromised, resulting in an estimated loss of $2 million. CoinStats clarified that none of the connected wallets or exchanges were hacked and is working diligently to restore normal operations.

SportsBet Loses $3.5 Million in Cyberattack

On June 23, online gambling site SportsBet was targeted by cybercriminals, losing over $3.5 million. The attack appeared to be linked to the same hacker responsible for the BtcTurk breach. On-chain investigator ZachXBT noted similarities in the attack methods, though the exact approach remains unclear. SportsBet is currently investigating the incident to improve its security measures.

Farcana’s Third-Party Wallet Compromised

On June 24, UAE-based blockchain gaming studio Farcana reported the theft of one of their FAR wallets. Although Farcana did not lose any funds directly, a third-party market maker was hacked, resulting in the theft of 23,809,523 FAR tokens valued at nearly $880,000. This incident underscores the vulnerability of third-party services. Farcana is now discussing the situation with the affected market maker to enhance their security protocols.

The significant losses from these attacks underscore the urgent need for robust security systems in the crypto industry. With nearly $100 million stolen over the weekend, it is clear that cybercriminals are becoming increasingly sophisticated. The crypto community must prioritize enhancing security measures to protect against such devastating breaches.

Also Read : SHOCKING: Crypto “Pig Butchering” Scams on the Rise! What You Should Know

Is cryptocurrency a safe haven or a hacker’s playground? The debate continues…