New Development in BtcTurk Attack: Those Crypto Processes Opened!

BtcTurk, one of Turkey’s largest cryptocurrency exchanges, suffered a major cyber attack on June 22, 2024. During the attack, a large number of cryptocurrencies were stolen from the company’s hot wallets. After the incident, BtcTurk stopped cryptocurrency deposit and withdrawal processes and suspended all processes on the platform. While the investigation and recovery efforts that started after the attack are still continuing, it is estimated that the amount of stolen crypto money has reached millions of dollars. This incident once again reveals the risks of cryptocurrency investments and the cyber security vulnerabilities of platforms.

BtcTurk made a new statement: Those crypto processes are active

cryptokoin.com As we reported, BtcTurk, one of Turkey’s largest Bitcoin and altcoin exchanges, was subjected to a cyber attack on June 22, 2024. During the attack, a large number of cryptocurrencies were stolen from the company’s hot wallets. After the incident, BtcTurk stopped the coin deposit and withdrawal processes and suspended all processes on the platform.

In the statement made in the morning, it was announced that cryptocurrency processes in the ERC20 network were activated again. In the third statement made by the company, “Deposit and withdrawal processes of all ERC20 cryptos from the ERC20 network have been opened. “The deposit and withdrawal processes for other cryptocurrencies that have been subjected to cyber attacks will be opened gradually once the detailed work of our cyber security groups is completed.”

Help came from Binance

BtcTurk announced the number of coins affected by the attack as 10. There was no official statement about how many coins were stolen in the attack. However, Binance CEO Richard Teng announced in a post on Twitter that they have helped BtcTurk and frozen approximately $5.3 million of the stolen funds so far. BtcTurk had created a fund called the Guarantee Fund against possible attacks. Company partners transferred resources from their own assets to cover losses from this fund.

The cyber attack again raised concerns about how reliable cryptocurrency exchanges are. BtcTurk announced that they are investigating the attack and will initiate the necessary legal processes. BtcTurk recommends that affected users audit their accounts and immediately notify the company if they notice any unauthorized activity. Users are also recommended to take additional security measures such as two-factor authentication to increase the security of their accounts.

The BtcTurk cyber attack is a valuable lesson for Bitcoin and altcoin investors. Because the attack is an important event that shows the extent of cyber threats faced by the cryptocurrency ecosystem. Investors should take the necessary precautions to store their coins safely and should not neglect to investigate the security of the platforms they invest in.