BtcTurk Hacked, AVAX price crashed after selling the stolen tokens and Binance recovers $5 million from the stolen BtcTurk's funds
BtcTurk Hacked, Attacker Moved Stolen Funds to Coinbase, Binance, Gate, and Used THORChain to Transfer Assets. AVAX Token Price Crashed After Stolen Tokens Sold. Binance Freezes and Will Return $5M of Stolen BtcTurk Funds
BtcTurk, one of Turkey’s largest cryptocurrency exchanges, faced a major cyberattack on June 22, 2024. In response, the exchange halted all cryptocurrency deposits and withdrawals to mitigate the impact of the attack
According to the official statement, the hack specifically targeted hot wallets holding 10 different cryptocurrencies. However, the cold wallets, where the majority of the assets are stored, remain secure.
As known hacker moved stolen funds to the Coinbase, Binance, Gate, and was bridging assets via THORChain.
BtcTurk assured its users that its financial strength is far greater than the amount impacted by the attack. Therefore, users’ assets will not be affected by the losses incurred. The team is conducting a thorough investigation into the incident and has also reached out to official authorities for assistance.
As a precautionary measure, BtcTurk has temporarily suspended cryptocurrency deposits and withdrawals. Users are advised to check the status of transactions through the platform’s status page.
BtcTurk hack crashes AVAX
The attack on BtcTurk had immediate ripple effects in the cryptocurrency market. Notably, the price of AVAX, a popular cryptocurrency, plummeted by 10% following the incident. On-chain detective ZachXBT linked this sharp decline to the BtcTurk breach.
Binance recovers $5 million in stolen funds
Binance crypto exchange is assisting in the investigation of this cyber attack on the Turkish crypto exchange BtcTurk. At this stage, over $5 million in stolen funds have been frozen.
That identified hacker tried to sell his crypto assets via sending on the Binance crypto exchange but the Binance team suddenly froze the funds.
