BtcTurk, Türkiye’s Largest Cryptocurrency Exchange, Hit by Cyberattack – Majority of Assets Safe

BtcTurk, one of Türkiye’s largest cryptocurrency exchanges, has fallen victim to a cyberattack, causing concern among users and the wider crypto community. The exchange confirmed the attack on June 22, 2024, stating that uncontrolled withdrawals were processed as a result.

Despite the cyberattack affecting some balances in the hot wallets of 10 cryptocurrencies, BtcTurk assured users that the majority of assets held in cold wallets remained safe. The exchange emphasized its financial strength, reassuring customers that their assets would not be impacted by the losses incurred.

In response to the attack, BtcTurk has temporarily halted cryptocurrency deposits and withdrawals as a precautionary measure. The exchange is conducting a thorough investigation into the incident and has informed relevant authorities about the cyberattack.

Cryptocurrencies have gained significant popularity in Türkiye, with the country emerging as one of the largest crypto trading markets globally. The surge in crypto use in Türkiye, particularly after 2020, has been attributed to the desire to safeguard against the depreciation of the lira.

The recent cyberattack on BtcTurk comes in the wake of the Thodex scandal, where the founder was sentenced to 11,196 years in prison for defrauding investors. As Türkiye works towards regulating the crypto sector, a new crypto bill is in the finalization process, which will require crypto asset service providers to obtain licenses from the Capital Markets Board.

As BtcTurk navigates the aftermath of the cyberattack, users are urged to remain vigilant and patient as the exchange works to resolve the issue and resume normal operations. Stay tuned for further updates on this developing story.