The Turkish cryptocurrency exchange BTCTurk reported a hack resulting in losses of up to $50 million. The attack affected multiple chains, including Ethereum and Solana.
Circumstances of the BTCTurk Hack
The Turkish exchange BTCTurk suffered a multi-chain attack, initially estimated to have losses around $48 million. The expert system Cyvers Alert detected abnormal activities with the exchange's hot wallet, leading to withdrawals from Ethereum, Avalanche, Arbitrum, Base, OP, Mantle, and Polygon networks.
Consequences and Analysis of Hacker Actions
The hack might still be ongoing, with sources estimating losses up to $50 million. The hacker continues to receive new tokens every minute. After the initial hack on ETH and SOL, the attacker also targeted BNB Chain assets and traded them through PancakeSwap. Despite the exchange halting deposits and withdrawals, the compromised wallet keeps sending tokens to the hacker's addresses.
Financial Losses and Market Condition
ETH made up a significant part of the recent hack, with over $34 million spread into two Ethereum-based wallets. Meanwhile, the overall damage and the current state of the crypto market raise concerns, as Bitcoin and Ethereum experienced price drops that may be associated with the aggressive token swaps.
The situation with BTCTurk highlights the security threats facing centralized exchanges, especially in light of the recent spike in hacking incidents. Analysis of the hacker's actions demonstrates the complexity of preventing such events.
