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BtcTurk, a prominent cryptocurrency exchange in Turkey, recently faced a cyber attack, leading to unauthorized access to several of its hot wallets.
Breach Details
The exchange reported detecting a cyber attack on its platform, with hackers successfully stealing crypto balances from some of its hot wallets. This incident impacted at least 10 different cryptocurrencies. The attack occurred on June 22, prompting BtcTurk to halt all cryptocurrency deposits and withdrawals.
“Officials confirmed that some balances in the hot wallets of 10 cryptocurrencies were affected, while the cold wallets remained secure.”
User Protection Measures
Despite the breach, BtcTurk reassured its users that the majority of its crypto assets, stored in cold wallets, remain secure. The exchange emphasized that its financial stability far exceeds the stolen amounts, ensuring that user assets are protected from potential losses.
In response to the attack, BtcTurk has temporarily suspended all crypto deposits and withdrawals. The exchange’s team is actively working to resolve the issue and restore full functionality to the platform as quickly as possible. BtcTurk is also investigating the breach and collaborating with relevant authorities to prevent future incidents.
Turkey’s Crypto Landscape
Turkey is a leading country in crypto ownership, with 19.3% of its population owning cryptocurrencies. This ranks third globally, following the United Arab Emirates (25.3%) and Singapore (24.4%).
The volatility of the Turkish lira has driven many citizens to convert their savings into cryptocurrencies. This trend is supported by Turkey’s advanced adoption of mobile fintech and payment platforms, establishing it as a top cryptocurrency market in the region.
“Analysts have noted that the Turkish lira’s volatility has encouraged citizens to invest in cryptocurrencies.”
Recently, Turkish lawmakers have been working on tax reforms to replenish national finances, significantly impacted by last year’s earthquakes. The government has proposed a 0.03% tax on crypto transactions, potentially generating approximately 3.7 billion liras in annual revenue. This measure could further encourage cryptocurrency investments among Turkish citizens.
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