Bittime - Turkish cryptocurrency exchange BtcTurk announced that a cyberattack has affected cryptocurrencies held in ten of their hot wallets, following reports of suspicious transfers ofAvalanche(AVAX) tokens on Saturday.
However, these exchanges ensure that their cold wallets, which store most of the assets, remain safe and the company is still solvent, according to the company's official statement.
Help from Binance
Binance CEO Richard Teng announced on
Check Today's Crypto Market:
Analysis of Blockchain Sleuth
Blockchain researcher ZachXBT revealed that a suspicious transfer of approximately $54 million in Avalanche tokens was likely related to the attack based on timing analysis results. The funds are transferred to exchanges such as Binance and Coinbase using THORChain and then withdrawn in Bitcoin to two separate wallets. This large transaction occurred around the same time as the disclosure of the attack by BtcTurk.
Also Read How to Buy Crypto:
Additionally, the relevant Avalanche wallet was previously identified by a blockchain researcher as belonging to a Turkish cryptocurrency exchange, strengthening the connection between BtcTurk and the Avalanche transfer.
Also read: Avalanche (AVAX) Price Prediction in 2024
Further Investigation
ZachXBT also stated on Telegram that online casino Sportsbet "was likely hacked for more than $3.5 million by the same perpetrator as BTCTurk two hours earlier as the funds from the theft were commingled." Sportsbet could not immediately be reached for comment by The Block, but a message on Sportsbet's home page stated that "transactions on the BTC and BSC networks are currently unavailable as well as games with BTC and BNB" in a message under the heading "Cashier Maintenance."
Impact on the Crypto Ecosystem
This incident is a reminder of the security risks that cryptocurrency exchanges continue to face. Although BtcTurk ensures that their cold wallets remain secure, this incident still had a significant impact on user trust and the market as a whole. Binance's assistance in freezing stolen funds demonstrates collaborative efforts within the industry to address cyber threats and protect user assets.
Check Crypto Prices Today:
Conclusion
The hacking cases that befell BtcTurk and possibly Sportsbet also highlight the importance of security in the storage and transfer of cryptocurrency. The ongoing investigation and steps taken by Binance show that there are real efforts to address and mitigate the impact of this cyberattack. Users are expected to remain vigilant and follow the latest developments regarding the security of their digital assets.
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.
Also read:
Litecoin Price Prediction: Under Bearish Pressure, Will it See a Drop?
Arbitrum Daily Revenue Jumps 16.5% After Launch of ZRO LayerZero
BtcTurk Gets Hacked, Users' Crypto Assets Are Still Safe!
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.
Comments
0 comments
Please sign in to leave a comment.