Btcturk, a Turkish cryptocurrency exchange, recently experienced a cyberattack leading to unauthorized withdrawals from its hot wallets. In response, the exchange promptly suspended all cryptocurrency deposits and withdrawals as a precautionary measure to safeguard user funds. Collaborating closely with Binance, Btcturk is actively investigating the breach to determine its full extent and secure affected assets.
According to Btcturk, the cyberattack occurred on June 22, 2024, impacting the balances of 10 cryptocurrencies stored in hot wallets, while assets in cold wallets remain secure. Despite the breach, the exchange reassured users that its financial reserves exceed the amount affected, ensuring the safety of user funds. Btcturk has initiated detailed investigations and engaged with relevant authorities, maintaining suspension of cryptocurrency transactions until the completion of their cybersecurity assessments.
In an update, Btcturk announced the resumption of deposits and withdrawals for ERC20 cryptocurrencies on the ERC20 network, signaling progress in restoring affected services post-attack. Concurrently, Binance CEO Richard Teng disclosed efforts to assist Btcturk in recovering stolen funds, successfully freezing over $5.3 million linked to the cyber incident. Meanwhile, cryptocurrency analyst ZachXBT highlighted suspicious activities involving significant transfers, underscoring ongoing scrutiny in the aftermath of the cyberattack.
Turkey has witnessed a surge in cryptocurrency adoption, making it a prominent market globally, fueled by economic instability and currency depreciation. This incident underscores the challenges and risks associated with digital asset exchanges, emphasizing the importance of robust cybersecurity measures and swift response protocols to mitigate potential threats in the evolving landscape of cryptocurrency trading.
