Turkey’s leading cryptocurrency exchange BtcTurk announced that 10 hot wallets were seized in a cyber attack that took place today. However, specific details regarding the assets affected or the total amount stolen were not disclosed. Shortly after this pilgrimage, on-chain detective ZachXBT reported that the BtcTurk hacker had targeted another crypto platform.
BtcTurk hacker also hacked another cryptocurrency platform!
cryptokoin.comAs you follow from , the leading Turkish cryptocurrency exchange BtcTurk was attacked today. Not long after this incident, the hacker targeting BtcTurk launched an attack on another platform. On-chain detective ZachXBT announced that the hacker managed to steal over $2.9 million in assets from a cryptocurrency platform called Sportsbet. In this context, ZachXBT made the following statement with its money movements:
Online casino Sportsbet was likely hacked by the same threat actor as BTCTurk two hours ago for more than $2.9 million, with funds from the thefts commingled.
BtcTurk hack led to $54 million AVAX sell-off
In a statement on its status page, BtcTurk assured users that the hack did not affect their crypto assets. It also emphasized its financial resilience against such attacks. The exchange announced that only some of the balances in hot wallets of ten cryptocurrencies were affected, while most of the assets in cold storage remained safe.
Meanwhile, the hack coincided with a significant 10% drop in Avalanche’s native token, AVAX. Blockchain analyst ZachXBT reported that approximately 1.96 million AVAX tokens worth $54.2 million were transferred significantly to various exchanges, including Coinbase, Binance, Gate, and THORChain. Their analysis also suggested that the organization may have exchanged AVAX tokens for Bitcoin. Therefore, the price of AVAX fell below $25, a 6-month low. However, it showed a slight recovery to $26 during the summer.
Cryptocurrency exchange launched an investigation
Following the breach, BtcTurk temporarily suspended cryptocurrency deposits and withdrawals on its platform. While urging users to be patient, he added that he had launched an investigation into the incident. The attack highlighted the limitations of ZachXBT, Know Your Customer (KYC) and compliance regulations, suggesting that some exchanges may ignore critical security threats despite complying with the legislation. In this context, ZachXBT made the following statement:
The sad truth about KYC and compliance in general is that it’s pretty ineffective for any real threat (doesn’t matter if it’s regulated or offshore exchanges) It’s not really the exchanges’ fault, they’re just trying to meet the laws/regulations. The main difference between exchanges is those that build teams that respond to ongoing threats and are open to feedback. Some of these ‘regulated’ exchanges are completely oblivious to the real problems.
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