Today, BtcTurk, one of the largest crypto exchanges in Turkey, suffered a hack attack. The exchange’s hot wallets were compromised with crypto balances in 10 digital assets. BtcTurk said that most of its funds are in cold wallets and are now completely safe. In a hot development, Binance CEO Richard Teng made a statement regarding the hack.
Binance CEO spoke about the BtcTurk hack!
As you have been following on Kriptokoin.com, BtcTurk, one of the leading crypto exchanges in Turkey, was shaken by a hack attack today. Following the attack, Binance CEO Richard Teng announced that Binance is assisting the investigation. Accordingly, Teng stated that Binance has frozen 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 post:
Binance is assisting BtcTurk with investigations and has so far frozen more than $5.3 million in stolen funds. Our investigation and security teams are working around the clock as part of our proactive efforts to protect the ecosystem from bad actors. We will provide further updates on the matter.
BTCTurk hit by cyberattack, wallets compromised!
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 compromise some crypto balances in 10 different cryptocurrencies stored in hot wallets. While the hackers managed to gain access to the hot wallets, BtcTurk reported that most of the crypto assets remained in cold wallets, which are completely secure.
BtcTurk also assured users that its financial resilience exceeds the affected amounts. Thus, the exchange ensured that user assets were protected from losses. In addition, BtcTurk contacted the relevant authorities and launched a thorough investigation into the incident. As a precautionary measure, BtcTurk has also temporarily suspended cryptocurrency deposits and withdrawals. The exchange stated that its team is working diligently to resolve the issue, thus restoring full functionality to its platform for all its users.
Turkey’s rise in crypto adoption
Rising inflation and a falling TL have been the main reasons for the increased use of cryptocurrencies in Turkey over the past 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 the national finances, which have declined significantly after last year’s devastating earthquakes. These measures to bolster revenue streams have pushed Turkish citizens to explore cryptocurrencies as tax-efficient investment alternatives. However, at a time when cryptocurrency adoption in Turkey is on the rise, the government has proposed a 0.03% tax on crypto transactions. This measure could generate around 3.7 billion lira in annual revenue for the government.
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