BTCTurk exchange was attacked, suffering a loss of approximately 49 million USD.
The attacker stole all assets and converted them to Ethereum (ETH) to hide transaction traces.
MAIN CONTENT
BTCTurk suffered an attack resulting in a loss of approximately 49 million USD.
How was BTCTurk attacked and what was the extent of the damage?
Information from Onchain Lens shows that BTCTurk was breached by hackers with an estimated loss of around 49 million USD.
This amount was stolen and indicates a large scale in attacks on cryptocurrency exchange platforms. Security issues at exchanges are always prioritized due to the allure of large asset volumes.
Through this incident, the market needs to strengthen protective measures, be vigilant against complex attack forms, and ensure the safety of investors' assets.
Why did hackers convert the stolen funds to ETH?
Converting the stolen funds to Ethereum allows hackers to easily exploit the network's transparency features while being difficult to trace.
ETH has high liquidity, making it easy to convert to other cryptocurrencies or fiat currency on exchanges. This is a common tactic for money laundering and obscuring the origins of stolen assets.
"Attackers often use highly liquid cryptocurrencies to swiftly move assets and evade detection."
Blockchain Security Expert, Nguyen Thanh Binh, 2024
The importance of Onchain Lens data in detecting hacks?
Onchain Lens provides transparent data about blockchain transactions, helping to quickly detect and analyze unusual signs, including attacks on exchanges.
This tool allows analysts to track cash flow and detect negative movements to provide early warnings and support timely mitigation measures.
Thanks to Onchain technology, incidents like those at BTCTurk are accurately recorded, enhancing response capabilities and information transparency in the cryptocurrency market.
What effective countermeasures are there against attacks on cryptocurrency exchanges?
Exchanges need to implement multi-layer security: Cold wallets, multi-factor authentication, 24/7 transaction monitoring, and regular audits.
Using Smart Contracts for continuous monitoring and on-chain risk analysis helps detect suspicious activities early, minimizing damage caused by hackers.
Training staff and raising security awareness also plays an important role in reducing the probability of attacks.
"Comprehensive security is the key to protecting assets and maintaining investor confidence."
Mr. Tran Minh Quang, Cybersecurity Director of a major CEX, 2023
Frequently Asked Questions
How much money did BTCTurk lose in the hack?
Why did hackers convert the stolen money to ETH?
ETH has high liquidity, facilitating easy transfer and money laundering.
What is Onchain Lens and what role does it play in this hack?
Onchain Lens is a blockchain analysis tool that helps detect unusual transactions and track cash flow.
How can exchanges avoid similar attacks?
Implement multi-layer security, use cold wallets, and regularly monitor transactions.
Can the use of ETH in money laundering be prevented?
Onchain monitoring technology and legal management support effective control.
Source: https://tintucbitcoin.com/btcturk-bi-hack-mat-49-trieu-usd/
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