Richard

2024

ZachXBT

Avalanche

Turkish cryptocurrency exchange BtcTurk has reported a breach affecting 10 of its hot wallets. The attack, which was discovered following unusual Avalanche (AVAX) token transfers on Saturday, has sent ripples through the crypto space. 
In the <a href="https://status.btcturk.com/incidents/w2zxglq0gcm1" target="_blank" rel="noopener">report</a>, BtcTurk promptly addressed the situation, assuring users that the majority of its assets remain secure in cold storage. The exchange emphasized its continued solvency, aiming to allay concerns among its user base. 
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 Binance is assisting BtcTurk with investigations and have frozen over $5.3M in stolen funds so far. Our investigations &amp; security teams work around the clock as part of our proactive efforts to protect the ecosystem from bad actors. We will provide further updates as relevant. <a href="https://t.co/8j6uMgOPm6" target="_blank">https://t.co/8j6uMgOPm6</a>— Richard Teng (@_RichardTeng) <a href="https://twitter.com/_RichardTeng/status/1804525525614096511?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 22, 2024</a>
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However, Binance CEO Richard Teng announced via X that Binance has successfully frozen over $5.3 million of the stolen funds, demonstrating a rapid response to the hack. 
Blockchain analyst ZachXBT provided further insights, revealing a suspicious transfers of approximately $54 million in Avalanche tokens were likely linked to the attack. The analyst’s investigation showed that the funds were moved to exchanges such as Binance and Coinbase using THORChain, before being converted to Bitcoin and withdrawn to separate wallets. 
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 Just shared on Telegram that this entity withdrew $46M+ worth of BTC from Coinbase/Binance after those AVAX deposits<a href="https://t.co/aONZbESvre" target="_blank">https://t.co/aONZbESvre</a>— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1804477409179361679?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 22, 2024</a>
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ZachXBT also suggested a potential connection between the BtcTurk incident and a separate attack on online casino Sportsbet which reportedly lost an estimated $3.5 million to the same threat just hours before the BtcTurk breach. 
In response to the breach, BtcTurk has implemented immediate security measures, including the suspension of all cryptocurrency deposits and withdrawals. The exchange is actively cooperating with relevant authorities to thoroughly investigate the incident and enhance its security protocols. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/19/scammers-target-trump-2024-campaign-with-crypto-donation-frauds/">Scammers Target Trump 2024 Campaign with Crypto Donation Frauds</a> 
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BtcTurk Exchange Hit by Cyberattack, Binance Freezes $5.3m of Stolen Token

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