Turkey’s largest cryptocurrency exchange hacked

This article was originally published in English

Big loss for the BtcTurk cryptocurrency exchange market. The use of cryptocurrencies in Turkey began to grow rapidly after 2020, as a defense against the deep fall in the value of the lira


Turkey’s largest cryptocurrency exchange, BtcTurk, said on Saturday that its exchange had been hacked, while a popular Bitcoin analyst said the amount of money stolen amounted to nearly 51 million euros.

“Our teams detected that there was a cyber attack on our platform on June 22, 2024, which caused uncontrolled withdrawals to be processed. Only some of the balances in the ‘hot’ wallets of 10 cryptocurrencies were affected by the cyber attack in question, while our ‘cold’ wallets, where the majority of assets are held, are safe,” the company said in the statement.

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What are cryptocurrency wallets

A hot wallet is a cryptocurrency wallet that is always connected to the Internet or another connected device, while a cold wallet is a wallet that is offline and therefore safe from cyber attacks.

“BtcTurk’s financial strength is well above the amounts affected by this attack, and users’ assets will not be affected by these losses,” the company added.

The exchange also added that it is conducting “detailed research” into the matter and that security authorities have been notified.

“As a precaution, Cryptocurrency deposits and withdrawals have been stopped and will be made available as soon as our work is completed“, BtcTurk concluded in the statement.

ZachXBT, a well-known Bitcoin analyst, said in a post on moved 1.96 million AVAX ($54.2 million) and transferred to Coinbase/THORChain.” The analyst also attached a cryptocurrency address to his post.

Cryptocurrencies are very popular in Türkiye and the country is the fourth largest cryptocurrency trading market in the world. The use of cryptocurrencies in Turkey began to grow rapidly after 2020, as a defense against the deep decline in the value of the lira.

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