BtcTurk, one of Turkey’s largest cryptocurrency exchanges, has informed its users of an attack on its platform.
BtcTurk Halts Crypto Deposits And Withdrawal
According to the trading platform, the exploit that happened on June 22 has forced BtcTurk to halt cryptocurrency deposits and withdrawals.
Once the exploit was established, the attackers got access to take some uncontrolled footage. The exchange’s officials claimed that its cold wallets are safe as only some balances in hot wallets of 10 cryptocurrencies were affected in the attack.
Markedly, the cold wallets hold most of BtcTurk’s assets. For the affected wallets, BtcTurk says it is financially buoyant enough to reimburse them.
“BtcTurk’s financial strength is well above the amounts affected by this attack, and user assets will not be affected by these losses,” BtcTurk wrote in its status update.
In the meantime, the BtcTurk team is conducting their investigation in collaboration with authorities. The law enforcement agents were contacted immediately after the exchange discovered the attack. The decision to halt deposits and withdrawal of digital assets is a precautionary measure. BtcTurk promised to restore all transactions as soon as its detailed research is completed.
Users of the platform are encouraged to follow updates that will be posted subsequently.
Rise of Crypto Scams
The news of BtcTurk’s attack comes only a few hours after Ledger shared insights into the rise of crypto scams in the industry. The hardware wallet maker issued a new warning to the community regarding a likely address-poisoning crypto scam now on the rise. This method is also known as address spoofing, the dangerous crypto scam that usually entails cybercriminals crafting addresses that closely resemble legitimate ones.
Recently, it was discovered that some scammers attempted to mimic Ripple’s stablecoin RLUSD by establishing an AMM liquidity pool. Noteworthy, the stablecoin in question is yet to go live.
While most experienced crypto traders might know how to circumvent this new scam as well as other strategies employed by hackers, all traders are advised to stay vigilant.
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