BtcTurk Suffers Cyberattack, Binance Secures $5.3 Million in Compromised Tokens

The cryptocurrency exchange BtcTurk, based in Turkey, has disclosed a security incident impacting 10 of its active online wallets. Detected due to irregular transaction patterns involving the AVAX cryptocurrency on a recent Saturday, the event has created significant concern within the digital asset community.

BtcTurk has publicly acknowledged the intrusion and reassured clients that the vast majority of its reserves are safely held in offline storage solutions. The company stressed its financial well-being and focused on comforting its customers amidst the situation..

Binance chief Richard Teng delivered news through a social platform stating that his organization has accomplished the freezing of assets worth more than $5.3 million connected to the breach, indicating a swift and coordinated countermeasure.

Cryptocurrency researcher ZachXBT has dived deeper into this case, pointing out that dubious transactions involving roughly $54 million in AVAX tokens appear to be part of the breach puzzle. The scrutiny illustrates that these assets were shuffled to platforms like Binance and Coinbase via THORChain, followed by a transformation to Bitcoin, and ultimately, dispersion to autonomous wallets.

ZachXBT has posited an alleged link between the misfortune that befell BtcTurk and an earlier compromise of the online gambling establishment, Sportsbet, which suffered a financial dent in the ballpark of $3.5 million due to analogous nefarious activities just a few hours earlier.

In retaliation to the security misstep, BtcTurk has fortified its defenses, placing a temporary freeze on all transfers of cryptocurrency, inwards and outwards. In tandem, the exchange is engaging with enforcement bodies to dissect the incident and tighten its security fabric.

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