BtcTurk Hack: $23M Stolen and Swapped for ETH
BtcTurk suffers a $23 million hack as attackers quickly convert stolen BTC into ETH, according to Lookonchain.
- BtcTurk was hacked for over $23 million worth of crypto.
- The attacker swiftly swapped stolen BTC for ETH.
- Lookonchain tracked the suspicious transactions.
In a concerning development for the crypto community, Turkish cryptocurrency exchange BtcTurk has reportedly suffered a major hack. According to blockchain analytics platform Lookonchain, more than $23 million worth of assets were stolen from the exchange’s wallets. This makes it one of the largest crypto-related breaches in Turkey in recent times.
While BtcTurk has yet to release an official statement, on-chain data indicates that the attacker wasted no time in converting the stolen Bitcoin (BTC) into Ethereum (ETH) through decentralized platforms. This move is likely aimed at making the funds harder to trace, as ETH transactions offer greater anonymity when routed through DeFi protocols.
How the Attack Unfolded
The attacker reportedly withdrew large sums of BTC from BtcTurk’s hot wallets and immediately swapped them for ETH using various decentralized exchanges. Blockchain sleuths quickly spotted the movement of funds and flagged the wallet addresses involved.
Lookonchain shared transaction details showing how over $23 million in BTC was siphoned off and converted into ETH within a very short timeframe. This kind of rapid swap suggests the attacker had a pre-planned strategy to launder the stolen assets quickly.
Experts warn that the use of DeFi platforms to obfuscate the origin of stolen funds is becoming a common tactic among hackers.
Growing Concerns Over Exchange Security
This incident raises fresh concerns over the security infrastructure of centralized exchanges, especially in emerging markets. Users are once again reminded of the old crypto adage: “Not your keys, not your coins.”
As the situation develops, the crypto community will be watching closely for updates from BtcTurk, including whether affected users will be reimbursed and what steps will be taken to prevent future breaches.
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