Hot Development: Binance Made a Statement for BTCTurk Hack!

Today, BtcTurk, one of Turkey’s largest crypto exchanges, was hacked. Exchange hot wallets compromised with crypto balances in 10 digital assets. BtcTurk said that most of its funds are in cold wallets and are currently completely safe. In a hot development, Binance CEO Richard Teng made a statement regarding the hacking incident.

Binance CEO spoke about the BtcTurk hack!

cryptokoin.com As you follow from , BtcTurk, one of Turkey’s leading crypto exchanges, was shaken by a hacking attack today. Following the attack, Binance CEO Richard Teng announced that Binance was assisting with the investigation. In this regard, Teng stated that Binance froze more than $5.3 million of the stolen funds. The teams at Binance are working diligently to prevent further breaches and protect the cryptocurrency ecosystem. In this context, Binance CEO shared the following:

Binance is assisting BtcTurk with investigations and has frozen more than $5.3 million of stolen funds so far. Our investigation and security teams work 24 hours a day as part of our proactive efforts to protect the ecosystem from malicious actors. We will provide further updates regarding the bet.

BTCTurk suffered a cyber attack, wallets were seized!

Leading Turkish crypto exchange BtcTurk has disclosed a cyberattack that resulted in unauthorized access to some of its hot wallets. According to the preliminary report, hackers managed to capture some crypto balances in 10 different cryptocurrencies stored in hot wallets. While the hackers managed to gain access to hot wallets, BtcTurk reported that many of the crypto assets remained in secure cold wallets.

Additionally, BtcTurk assured users that its financial flexibility exceeds the affected metrics. Thus, the exchange ensured that user assets were protected from losses. In addition, BtcTurk contacted the relevant authorities and initiated a comprehensive investigation into the incident. As a precaution, BtcTurk also suspended cryptocurrency deposits and withdrawals indefinitely. The exchange stated that its team is working diligently to resolve the issue, thereby restoring full functionality to its platform for all its users.

Turkey’s rise in crypto adoption

Rising inflation and falling TL have been the main reasons for the increased use of cryptocurrency in Turkey over the last few years. However, things got even more exciting after the government decided to overhaul the country’s tax system. The government is working to replenish national finances, which have been significantly reduced after last year’s devastating tremors. These measures to support income streams have pushed Turkish citizens to explore cryptocurrencies as tax-efficient investment alternatives. However, at a time when the adoption of cryptocurrencies is increasing in Turkey, the government has proposed to impose a 0.03% tax on crypto transactions. This measure could generate annual revenue of approximately 3.7 billion lira for the government.