One
of
Turkey’s
most
prominent
crypto
exchanges
BtcTurk
has
suffered
a
cyber
attack
leading
to
unauthorized
access
to
some
of
its
hot
wallets.
The
exchange
has
reported
some
level
of
asset
loss,
however,
they
claim
enough
financial
stability
to
overcome
this
setback.

2024
Sees
Second
Crypto
Exchange
Hack
–
Growing
Cause
For
Concern?

The
cyber
attack
on
BtcTurk
represents
the
second
hack
on
a
crypto
exchange
in
2024
after

Japanese
platform
DMM
Bitcoin
lost
$305
million
in
BTC
in
a
security
breach
in
May. 

Generally,
hacks
on
crypto
exchanges
draw
much
attention
due
to
the
custodial
nature
of
these
platforms
which
allow
them
to
own
the
private
keys
of
their
customers. 

 

Moreover,
these
platforms
are
known
to
hold
larger
funds
than
their
DeFi
counterparts.
For
context,
Coingecko

reports
that
Binance,
the
world’s
largest
exchange,
records
13x
the
daily
trading
volume
of
the
most
prominent
decentralized
exchange,
Uniswap.

Nevertheless,
all
forms
of
hacks
or
attacks
reinforce
the
need
for
continuous
and
collaborative
security
advancements
in
the
crypto
ecosystem.

Featured
image
from
WIRED,
chart
from
Tradingview

Go to Source
Author: Semilore Faleti

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