Turkey’s Largest Crypto Exchange BtcTurk Hacked
BtcTurk, Turkey's largest cryptocurrency exchange, announced on Saturday that it had been hacked, resulting in nearly €51 million in stolen funds. The cyber attack on June 22, 2024, led to unauthorized withdrawals from hot wallets holding 10 different cryptocurrencies, though cold wallets remained secure. BtcTurk assured users that their financial strength is sufficient to cover the losses, ensuring user assets will not be affected. The exchange has paused deposits and withdrawals while conducting a detailed investigation and cooperating with security authorities.

Prominent Bitcoin analyst ZachXBT identified a suspicious address, noting the movement of 1.96M AVAX ($54.2M) to exchanges like Coinbase and THORChain. Cryptocurrency use in Turkey has surged since 2020 as a hedge against the declining value of the lira, making it the fourth-largest crypto trading market globally.