As an experienced analyst, I believe that the BtcTurk hack is a significant event in the crypto space that warrants close attention. The fact that 10 hot wallets were compromised and approximately $59 million in assets were stolen is concerning, to say the least. However, it’s important to note that the majority of BtcTurk’s assets remain secure in cold storage.
Turkish cryptocurrency platform BtcTurk announced a security incident involving ten of its hot wallets. This hack, uncovered by abnormal AVAX token transactions on a weekend, is causing waves in the digital currency community.
In the statement, BtcTurk quickly addressed the issue at hand, reassuring users that most of their funds are safely kept offline in cold storage. The exchange stressed its financial stability, intending to ease worries within its customer community.
As a researcher, I can share that Binance is actively collaborating with BtcTurk in conducting investigations. To safeguard the community, we have already frozen approximately $5.3 million of suspected stolen funds. Our dedicated investigations and security teams remain vigilant in their efforts to secure our platform, providing updates as new information becomes available.
— Richard Teng (@_RichardTeng) June 22, 2024
As a cryptocurrency investor, I’m relieved to hear that Binance acted swiftly in response to the recent hack. According to an announcement made by their CEO, Richard Teng, via the platform, over $5.3 million of the stolen funds have been successfully frozen.
As a blockchain analyst, I delved deeper into the recent Avalanche attack and uncovered some intriguing findings. Approximately $54 million in Avalanche tokens appeared to be involved in suspicious transactions that could potentially be linked to the incident. My investigation revealed that these funds were transferred to popular exchanges like Binance and Coinbase through THORChain. Subsequently, they were converted into Bitcoin and withdrawn to separate wallets.
ZachXBT proposed a possible link between the BtcTurk data breach and a previous cyberattack on Sportsbet, during which it is believed that the online casino suffered losses of approximately $3.5 million from the same threat actor.
Following the security incident, BtcTurk promptly took action by halting all cryptocurrency deposits and withdrawals. They are currently working closely with the appropriate authorities to conduct a comprehensive investigation and strengthen their security measures.
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2024-06-23 00:04