BTCTurk, a leading Turkish cryptocurrency exchange, faced a serious hack, resulting in a theft of approximately $48 million.
Incident of the Hack on BTCTurk
On June 22, BTCTurk reported a compromise of its hot wallets, leading to hackers stealing around $48 million in cryptocurrencies, including Ethereum and Solana. The thieves executed rapid multi-chain withdrawals, consolidating assets into two separate Ethereum wallets.
BTCTurk's Position and Security Measures
BTCTurk's CEO, Özgür Güneri, assured users their assets remain secure, stating that only some funds from the hot wallets were impacted. He said, "Our teams detected that there was a cyber attack on our platform on June 22, 2024, which caused uncontrolled footage..." Following the incident, the exchange suspended deposits and withdrawals to protect assets.
Market Reactions and Cryptocurrencies' Consequences
The hack caused a decline in Bitcoin and Ethereum prices due to security concerns regarding hot wallets. BTCTurk continues to maintain its financial stability, reassuring users of the safety of their funds. Authorities have been notified about the incident, but no official directives have been issued. Security firms, such as Cyvers, are assisting in forensic investigations.
The hacking incident at BTCTurk highlights the necessity of securing hot wallets in the crypto industry. Despite the losses incurred, the exchange is effectively managing the situation and ensuring the protection of its users.
