Bittime - One of the leading crypto exchanges in Turkey, BtcTurk, has just announced a cyber attack (hack) on June 22, 2024. As a result of this attack, unauthorized access occurred to some of their "hot wallets".
BtcTurk Hot Wallet Hacked, Cold Wallet Safe
Initial reports said hackers managed to access a number of crypto balances from 10 different crypto assets stored in hot wallets.
However, BtcTurk swiftly ensures that the majority of their crypto asset holdings are stored safely in "cold wallets " . These cold wallets were completely unaffected by the attack.
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Guaranteed Security of BtcTurk User Funds
Another good news, BtcTurk guarantees their financial resilience beyond the number affected by the attack. This means that the user's crypto assets are guaranteed to be safe from loss. Currently, BtcTurk is conducting a thorough investigation into the incident and is cooperating with the relevant authorities.
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As a precautionary measure, BtcTurk has temporarily stopped deposit and withdrawal services for crypto funds. Their team is working hard to resolve these issues and restore full functionality of the platform for all users.
Soaring Crypto Use in Türkiye
Soaring inflation and the weakening Turkish Lira have been the main factors in the increasing use of crypto in Türkiye over the past few years. This trend became even more interesting after the Turkish government decided to overhaul the national tax system.
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Turkish legislators are working to replenish state finances drained by last year's devastating earthquake. This effort to increase income has encouraged Turkish citizens to look to crypto as a tax-saving investment alternative.
However, amidst the increasing use of crypto, the Turkish government plans to implement a 0.03% tax on crypto transactions. The move is expected to generate revenue of around 3.7 billion Lira per year for the government.
Seeing the high demand for crypto, retail banking institutions in Türkiye are also starting to look at digital assets. Last week, Garanti BBVA Digital Assets, a subsidiary of Garanti BBVA Financial Technologies, launched a crypto wallet service on their mobile platform.
Thus, bank customers can now transact Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) using the Garanti BBVA Crypto application. However, this service is still in beta stage and has limited user access.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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