Turkey's largest cryptocurrency exchange, BtcTurk, stated in an announcement last Saturday that their exchange had been subjected to a cyber attack. Meanwhile, a popular Bitcoin analyst claimed that approximately $55 million had been stolen.

It's been noted that larger accounts were affected while smaller ones were largely untouched. BtcTurk has stated that wallets are secure but acknowledged damage to some larger accounts, and they are currently investigating the incident.

In a statement released, BtcTurk disclosed that their platform experienced a cyber attack on June 22, 2024, resulting in unauthorized withdrawals. They clarified that only a portion of the balances of 10 cryptocurrencies in their hot wallets were affected, emphasizing that the majority of assets held in cold wallets remain secure.

The exchange assured users that its financial strength exceeds the affected amounts, ensuring that user assets would not be impacted by these losses. They also mentioned conducting a detailed investigation into the matter and informed security authorities.

As a precaution, BtcTurk temporarily suspended cryptocurrency deposits and withdrawals while their team conducts thorough investigations and collaborates with official authorities. They intend to resume these operations promptly once their assessments are complete.

Cryptocurrencies are highly popular in Turkey, positioning the country as the world's fourth-largest cryptocurrency trading market.