On June 22, 2024, BtcTurk, one of Turkey’s leading cryptocurrency exchanges, reported a significant cyberattack. The exchange, which handles a vast amount of cryptocurrency transactions, assured its users that despite the breach, the majority of their assets remained secure.
“Our teams have detected that there was a cyberattack on our platform on June 22, 2024, which caused uncontrolled withdrawals to be processed,” the exchange revealed in an official statement. It further clarified, “Only some of the balances in the hot wallets of 10 cryptocurrencies were affected by the cyberattack in question, and our cold wallets, where most of the assets are kept, are safe.”
In their statement, BtcTurk emphasized that their financial stability far exceeds the amounts compromised in the attack, ensuring users that their assets would not be adversely affected. The exchange also highlighted that a detailed investigation into the incident was underway.
BtcTurk informed users that they had contacted the relevant authorities regarding the breach. The platform has temporarily halted all cryptocurrency deposits and withdrawals as a precautionary measure. “As a precaution, cryptocurrency deposits and withdrawals have been stopped and will be opened as soon as possible once our work is completed,” the statement mentioned.
The exchange concluded by expressing gratitude for users’ understanding during this period and promised to keep them informed of any developments.
Turkey has seen a surge in cryptocurrency popularity, becoming one of the largest crypto trading markets globally. The use of digital currencies in the country has accelerated since 2020, with many citizens turning to crypto assets as a hedge against the depreciating Turkish lira.
This incident comes in the wake of a high-profile case involving another major Turkish crypto exchange. Faruk Fatih Özer, the founder of Thodex, was sentenced to 11,196 years in prison last year after the exchange was revealed to be an exit scam, defrauding numerous investors.
In response to the growing need for regulation in the sector, Turkish authorities are finalizing new legislation to oversee crypto assets. The forthcoming crypto bill is expected to define crypto assets and mandate that service providers obtain licenses from the Capital Markets Board (SPK). This regulation aims to bring more oversight and security to the burgeoning cryptocurrency market in Turkey.
As the investigation into the BtcTurk cyberattack continues, the exchange remains committed to maintaining transparency and security for its users, promising to share all developments as they unfold.
