Crypto Exchange BtcTurk Gets Hacked – €51 Million Were Stolen
Cryptocurrency use in Turkey has surged since 2020 due to the lira's decline. BtcTurk, Turkey’s largest crypto exchange, recently announced a hack resulting in nearly 51 million euros stolen.
The attack on June 22, 2024, affected only the hot wallets of 10 cryptocurrencies, while the cold wallets remain secure.
BtcTurk assured users that their financial resources cover the losses and that user assets are safe. They are investigating the incident and have notified security authorities. As a precaution, cryptocurrency deposits and withdrawals have been temporarily halted.
READ MORE: FCA Arrests Two for Running Unregistered Crypto Exchange in UK
Bitcoin analyst ZachXBT linked the hacker to an address transferring 1.96M AVAX ($54.2M) to Coinbase and THORChain. Cryptocurrencies are highly popular in Turkey, which ranks as the fourth-largest crypto trading market globally.
The increase in crypto use began in 2020 to counter the lira’s devaluation. Notably, Thodex founder Faruk Fatih Ozer was sentenced to 11,196 years in prison last year for defrauding investors out of millions.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
