BtcTurk reopens ERC-20 crypto transactions post cyberattack

A major Turkish crypto exchange, BtcTurk, was hacked by cybercriminals, resulting in a temporary suspension of cryptocurrency deposits. The attack compromised some of BtcTurk’s hot wallets, leading to unauthorized withdrawals.

Binance, another major cryptocurrency exchange, assisted BtcTurk in their investigation and froze around $5.3 million of the stolen funds.

However, there’s good news as crypto transactions on the ERC-20 network are now back online.

Cyberattack impact and response

According to Turkish local news agencies, BtcTurk stated:

Cryptocurrency deposits and withdrawals, excluding the wallets affected by the cyberattack, are being gradually reopened, starting with ERC-20-based crypto asset wallets. Notifications will be made as each cryptocurrency’s hot wallet becomes accessible. Meanwhile, Turkish lira deposits and withdrawals continue without interruption.

BtcTurk

BtcTurk’s security measures

Elaborating on their response to the incident, BtcTurk said: “BtcTurk | Crypto remains committed to safeguarding user balances through our Guarantee Fund. Extra resources have been injected into the Fund by our partners to cover losses from the cyberattack, ensuring that more than sufficient funds are available in our cold and hot wallets. As our cybersecurity teams finalize their investigations, crypto operations will be reinstated gradually. We appreciate your understanding and will keep you updated.”

The exact amount stolen in the attack remains undisclosed, impacting 10 different cryptocurrencies. However, BtcTurk’s proactive measures, including the Guarantee Fund bolstered by partner assets, are in place to mitigate such risks.

Binance CEO’s involvement

Furthermore, Teng commenting on the situation said that they have frozen approximately $5.3 million of the pilfered funds and offered assistance to BtcTurk.