Crypto exchange BtcTurk attacked, hot wallets compromised

BtcTurk, a leading crypto exchange in Turkey, suffered a cyber attack, resulting in unauthorized access to several of its hot wallets. 

The exchange stated that it had detected a cyber attack on its platform, with hackers managing to steal crypto balances from some of its hot wallets.

The breach impacted at least 10 different cryptocurrencies.

Despite the breach, BtcTurk reassured its users that the majority of its crypto assets, stored in cold wallets, remained secure. The exchange also emphasized that its financial stability far exceeds the stolen amounts, ensuring that user assets are protected from any potential losses.

In response to the attack, BtcTurk has temporarily suspended all crypto deposits and withdrawals. The exchange’s team is also actively working to resolve the issue and restore full functionality to the platform as soon as possible. 

BtcTurk is currently investigating the breach and collaborating with relevant authorities to prevent future incidents.

Turkey’s crypto scene

Turkey is one of the leading countries by crypto ownership percentage. According to Triple-A’s latest crypto ownership report, Turkey boasts the third-highest percentage of crypto owners, at 19.3%.

Per the data, the only countries with higher crypto ownership percentages are the United Arab Emirates (UAE) at 25.3% of the population and Singapore at 24.4%. 

A past report by analysts from Bitcoin Explorers pointed out that the Turkish lira’s volatility drove many citizens to convert their savings into cryptocurrencies. This trend was also supported by the country’s advanced adoption of mobile fintech and payment platforms, establishing Turkey as one of the top cryptocurrency markets in the region.

Recently, Turkish lawmakers have been working to reform the country’s tax system to replenish national finances, which were significantly depleted by last year’s devastating earthquakes.

To boost revenue, the government has proposed a 0.03% tax on crypto transactions. This new measure could potentially generate approximately 3.7 billion liras in annual revenue, encouraging further exploration of cryptocurrencies among Turkish citizens as a tax-efficient investment alternative.