QUADRIGA INITIATIVE
CRYPTO WATCHDOG & FRAUD RECOVERY PLATFORM
A COMMUNITY-BASED, NOT-FOR-PROFIT
$55 000 000 USD
JUNE 2024
GLOBAL
BTCTURK
DESCRIPTION OF EVENTS
One of the largest Turkish exchanges.
$55m
"The Turkish cryptocurrency exchange BtcTurk has acknowledged that they suffered a hack that impacted ten hot wallets containing multiple cryptocurrencies. The exchange halted deposits and withdrawals while investigating, and said they are working with law enforcement. It appears that assets notionally worth around $55 million were stolen. Furthermore, the exploiter sold substantial amounts of some cryptocurrencies, including Luna Classic, causing major price movements in those tokens."
"The Turkish cryptocurrency exchange BtcTurk has acknowledged that they suffered a hack that impacted ten hot wallets containing multiple cryptocurrencies. The exchange halted deposits and withdrawals while investigating, and said they are working with law enforcement."
"Under investigation - Dear valued user, Our teams have determined that an unauthorized withdrawal incident occurred on our platform due to a cyber attack on June 22, 2024. Only a portion of the balances of 10 cryptocurrencies in hot wallets were affected by this cyber attack, while the majority of assets held in cold wallets remain secure.
BtcTurk's financial strength exceeds the amounts affected by this attack, and user assets will not be affected by these losses. Our teams are conducting detailed investigations into the matter and have also contacted the authorities. As a precaution, cryptocurrency deposits and withdrawals have been suspended, and they will be resumed once our investigations are complete at the earliest. You can track the current status of operations at https://status.btcturk.com."
"It appears that assets notionally worth around $55 million were stolen. Furthermore, the exploiter sold substantial amounts of some cryptocurrencies, including Luna Classic, causing major price movements in those tokens.
According to newly installed Binance CEO Richard Teng, Binance froze $5.3 million of the stolen assets."
All losses will be covered by the exchange.
"Binance is assisting BtcTurk with investigations and have frozen over $5.3M in stolen funds so far.
Our investigations & 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."
"Our efforts related to the cyber attack previously announced continue within the Company and in collaboration with relevant stakeholders. Deposits and withdrawals of the cryptocurrencies listed below on the ERC20 network have been enabled. Deposits and withdrawals of cryptocurrencies affected by the cyber attack will be gradually restored as our cybersecurity teams complete their detailed investigations. You can track the current status of operations at https://status.btcturk.com. USDT, USDC, LINK, UNI, OCEAN, AGIX, BLUR, INJ, ANT, OGN, RAD, ARPA"
BtcTurk is one of the largest exchanges in Turkey. On late June, they suffered a breach of 10 different hot wallets where funds were drained. It is estimated that $55m worth of funds were taken. They have promised to fully cover all losses and gradually been reopening withdrawals of different wallets over time.
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