Cyber Attack Hits BtcTurk Cryptocurrency Exchange

BtcTurk, a well-known Turkish cryptocurrency exchange, recently experienced a cyber attack that led to the compromise of specific hot wallets. The incident occurred on June 22, creating worry within the cryptocurrency circle. Despite the attack, BtcTurk emphasized its financial strength to withstand the breach, with only the hot wallets of 10 cryptocurrencies being affected.

In response to the attack, Binance's CEO, Richard Teng, announced a collaborative investigation with BtcTurk, resulting in the recovery of $5.3 million in stolen funds. An expert in blockchain transactions, ZachXBT, hinted at a potential link between the hackers and a specific address, 0x327a81d0d128db8886d265be73c9fdda97194f30.

This address was observed transferring 1.96 million AVAX tokens, amounting to $54.2 million, to Coinbase and THORChain. The transaction triggered a notable 10% drop in the AVAX price. BtcTurk, although yet to confirm or deny the connection, has temporarily suspended all withdrawals and deposits as a precaution.

The cyber breach at BtcTurk marks the second major incident in 2024, following a security breach at Japan's DMM Bitcoin in May. These events underscore the critical need for continuous security improvements within the cryptocurrency sector, given the attractiveness of centralized exchanges to cyber attackers.

The collaboration between Binance and BtcTurk plays a pivotal role in addressing cyber risks and recovering stolen assets. As the cryptocurrency industry expands, the parallel rise in cyber threats underscores the significance of prioritizing security measures for all stakeholders.