Breaking News: Binance Issues Statement on BTCTurk Hack

Aleksei Dmitry Melnik
By Aleksei Dmitry Melnik 1 comment
3 Min Read

Today, one of Turkey’s leading cryptocurrency exchanges, BTCTurk, experienced a significant hack, compromising hot wallets and affecting balances in 10 digital assets. BTCTurk has reassured that the majority of its funds are stored in cold wallets and remain completely secure. In a swift response, Binance CEO Richard Teng made a statement regarding the incident.

Binance CEO Richard Teng Speaks on BTCTurk Hack

As reported by Kriptokoin.com, BTCTurk faced a severe cyberattack earlier today. Following the breach, Binance CEO Richard Teng announced that Binance is actively assisting in the investigation. Teng revealed that Binance has successfully frozen over $5.3 million of the stolen funds. Binance’s security teams are working around the clock to prevent further breaches and protect the cryptocurrency ecosystem. Teng shared the following statement:

“Binance is assisting BTCTurk with the investigation and has frozen over $5.3 million of the stolen funds. Our security teams are working 24/7 as part of our proactive efforts to protect the ecosystem from bad actors. We will provide more updates on this matter.”

 

Breaking News Binance Issues Statement on BTCTurk Hack

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BTCTurk Faces Cyberattack, Wallets Compromised

BTCTurk, a prominent Turkish crypto exchange, disclosed a cyberattack that resulted in unauthorized access to several of its hot wallets. According to preliminary reports, hackers managed to access balances in 10 different cryptocurrencies stored in these hot wallets. Despite the breach, BTCTurk assured that the majority of its crypto assets are securely stored in cold wallets.

BTCTurk also assured users that its financial flexibility surpasses the affected amounts, ensuring the protection of user assets. The exchange has contacted relevant authorities and initiated a comprehensive investigation into the incident. As a precaution, BTCTurk has temporarily suspended cryptocurrency deposits and withdrawals. The team is diligently working to resolve the issue and restore full functionality for all users.

The Rise of Crypto Adoption in Turkey

Turkey has seen a significant rise in cryptocurrency usage in recent years, driven by soaring inflation and the depreciating Turkish Lira. The situation has become even more dynamic following the government’s decision to overhaul the tax system. In the wake of last year’s devastating earthquakes, the government is working to replenish the national treasury. These measures have encouraged Turkish citizens to explore cryptocurrencies as tax-efficient investment alternatives.

In line with the growing adoption of cryptocurrencies in Turkey, the government has proposed a 0.03% tax on crypto transactions. This measure is expected to generate approximately 3.7 billion lira annually for the government.

Stay tuned for more updates on this developing story.

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