Cryptocurrency Exchange BtcTurk Reports Breach Affecting 10 of Its Hot Wallets

Turkish cryptocurrency exchange BtcTurk has reported a breach affecting 10 of its hot wallets. The attack, which was discovered following unusual Avalanche (AVAX) token transfers on Saturday, has sent ripples through the crypto space.

Turkish cryptocurrency exchange BtcTurk has announced a breach affecting 10 of its hot wallets, leading to the theft of a substantial amount of crypto assets.

The incident was brought to light following unusual Avalanche (AVAX) token transfers on Saturday, sending ripples through the crypto space.

In its announcement, BtcTurk highlighted that the majority of its assets are safely stored in cold wallets, aiming to allay concerns among its user base regarding the exchange's solvency.

Binance, as part of its efforts to assist BtcTurk, has announced freezing over $5.3 million in stolen funds.

"Our investigations & security teams work around the clock as part of our proactive efforts to protect the ecosystem from bad actors. We will provide further updates as relevant," Binance stated.

Meanwhile, Binance CEO Richard Teng also announced via X that the exchange has frozen over $5.3 million of the stolen funds, showcasing a rapid response to the hack.

Blockchain analyst ZachXBT, known for his鋭敏な crypto analysis, provided further insights into the incident. According to his analysis, suspicious transfers of approximately $54 million in Avalanche tokens are likely linked to the attack.

"Just shared on Telegram that this entity withdrew $46M+ worth of BTC from Coinbase/Binance after those AVAX deposits," ZachXBT noted in his analysis.

His investigation revealed that the funds were moved to exchanges such as Binance and Coinbase using THORChain, before being converted to Bitcoin and withdrawn to separate wallets.

ZachXBT also suggested a potential connection between the BtcTurk incident and a separate attack on online casino Sportsbet, which reportedly lost an estimated $3.5 million to the same threat just hours before the Btc}});etTurk breach.

In the wake of the breach, BtcTurk has taken immediate steps to bolster its security, including suspending all cryptocurrency deposits and withdrawals.

The exchange is fully cooperating with the relevant authorities to thoroughly investigate the incident and enhance its security protocols to prevent such occurrences in the future.

In a separate development, highlighting the prevalence of crypto-related scams, fraudsters have reportedly targeted the Trump 2024 campaign with fake crypto donation pages.

News source：https://www.kdj.com/cryptocurrencies-news/articles/cryptocurrency-exchange-btcturk-reports-breach-hot-wallets.html

The above is the detailed content of Cryptocurrency Exchange BtcTurk Reports Breach Affecting 10 of Its Hot Wallets. For more information, please follow other related articles on the PHP Chinese website!