BtcTurk, a prominent Turkish cryptocurrency exchange, has fallen victim to a cyber attack, resulting in the compromise of certain hot wallets.

The assault took place on June 22, causing concern among the cryptocurrency community. The exchange asserts that it had the financial resilience to withstand the event, as only the hot wallets of 10 coins were impacted.

The CEO of Binance, Richard Teng, declared a collaborative inquiry with BtcTurk, resulting in the retrieval of $5.3 million in pilfered funds. ZachXBT, an investigator specializing in blockchain transactions, proposed a potential connection between the hackers and the address 0x327a81d0d128db8886d265be73c9fdda97194f30.

This address recently sent 1.96 million AVAX tokens, equivalent to $54.2 million, to Coinbase and THORChain. This transaction resulted in a significant 10% decrease in the price of AVAX. BtcTurk has neither verified nor refuted this hypothesis, but they have temporarily halted all withdrawals and deposits.

This incident is the second significant cyber intrusion in 2024, occurring after a security breach at Japan’s DMM Bitcoin in May. The occurrence emphasizes the want for ongoing enhancements in security inside the cryptocurrency industry, since centralized exchanges are alluring to cyber attackers.

The cooperation between Binance and BtcTurk is crucial for tackling cyber risks and retrieving stolen funds. With the expansion of the cryptocurrency business, the corresponding increase in cyber risks necessitates players to give utmost importance to security.