ZachXBT

<p>Turkey’s leading cryptocurrency exchange, BtcTurk, revealed today that it suffered a cyberattack, resulting in the compromise of 10 hot wallets. While specific details about the affected assets and the total amount stolen have not been disclosed, the impact of this breach has been significant. Soon after the attack, on-chain detective ZachXBT reported that the hacker had moved on to target another crypto platform.</p> 
<h2 id="btcturk-hacker-targets-another-platform">BtcTurk Hacker Targets Another Platform</h2> 
<p>Shortly after the attack on BtcTurk, the same hacker launched an assault on another crypto platform. On-chain detective ZachXBT announced that the hacker managed to steal over $2.9 million from a platform named Sportsbet. ZachXBT provided insights into the movements of the stolen funds, stating:</p> 
<p>“Online casino Sportsbet was likely hacked by the same threat actor who breached BtcTurk, stealing over $2.9 million. The stolen funds were mixed together.”</p> 
<figure id="attachment_6959" aria-describedby="caption-attachment-6959" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-6959" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/06/btcturk-post1.webp" alt="Source: ZachXBT / Telegram" width="1280" height="481" title="BtcTurk Hacker Strikes Again, Targeting Another Crypto Platform! 35">
 <figcaption id="caption-attachment-6959" class="wp-caption-text">
  Source: ZachXBT / Telegram
 </figcaption>
</figure> 
<h2 id="btcturk-hack-triggers-massive-avax-sell-off">BtcTurk Hack Triggers Massive AVAX Sell-Off</h2> 
<p>In a statement on its status page, BtcTurk reassured users that their crypto assets remained secure despite the hack. The exchange emphasized its financial resilience, clarifying that only a portion of the hot wallet balances in ten cryptocurrencies was affected, while the majority of assets in cold storage were safe.</p> 
<p>The hack coincided with a notable 10% drop in the price of Avalanche’s native token, AVAX. Blockchain analyst ZachXBT reported that approximately 1.96 million AVAX tokens, worth $54.2 million, were transferred to multiple exchanges, including Coinbase, Binance, Gate, and THORChain. His analysis suggested that the stolen AVAX tokens might have been exchanged for Bitcoin, leading to a price drop below $25, the lowest in six months, before a slight recovery to $26.</p> 
<figure id="attachment_6958" aria-describedby="caption-attachment-6958" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-6958" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/06/btcturk-post2.webp" alt="AVAX Price Performance. Source: TradingView" width="850" height="267" title="BtcTurk Hacker Strikes Again, Targeting Another Crypto Platform! 36">
 <figcaption id="caption-attachment-6958" class="wp-caption-text">
  AVAX Price Performance. Source: <a href="https://www.tradingview.com/" target="_blank" rel="nofollow noopener">TradingView</a>
 </figcaption>
</figure> 
<h2 id="crypto-exchange-initiates-investigation">Crypto Exchange Initiates Investigation</h2> 
<p>Following the breach, BtcTurk temporarily suspended crypto deposits and withdrawals on its platform. The exchange urged users to be patient and announced that it had launched an investigation into the incident. Highlighting the limitations of Know Your Customer (KYC) and compliance regulations, ZachXBT pointed out that some exchanges might overlook critical security threats despite adhering to these regulations. He stated:</p> 
<p>“The harsh reality of KYC and compliance is that they are often ineffective against real threats, whether the exchanges are regulated or offshore. This isn’t necessarily the fault of the exchanges; they are simply trying to comply with laws and regulations. The key difference lies in exchanges that build teams to respond to ongoing threats and remain open to feedback. Some ‘regulated’ exchanges are completely unaware of real issues.”</p>

BtcTurk Hacker Strikes Again, Targeting Another Crypto Platform!

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The Bit Journal

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