Avalanche’s AVAX down 10% following BtcTurk exchange hack

Source: Crypto Briefing

Avalanche’s AVAX token experienced a sharp 10% decline to $24.92 following a security breach that targeted BtcTurk, Turkey’s largest crypto exchange on Saturday, according to data from CoinGecko and analysis from on-chain detective ZachXBT.

“The culprit has been moving 1.96M AVAX ($54.2M) and transferring to Coinbase/THORChain,” ZachXBT noted in a series of tweets about the incident.

“AVAX is down 10% over past few hours likely due to this entity that started moving, transferring 1.96M AVAX ($54.2M) to Coinbase, Binance, Gate, and bridging via THORChain,” added ZachXBT in a separate post on his Telegram channel.

BtcTurk confirmed the cyberattack on June 22, which led to unauthorized withdrawals. The exact loss remains undisclosed, but the exchange assured that the majority of funds in cold storage are secure and user assets are not at risk.

Established in 2013, BtcTurk is a prominent player in Turkey’s crypto market, offering a range of services including trading and e-wallets. The exchange has temporarily halted crypto deposits and withdrawals and is working with authorities to investigate the breach.

This is a developing story: We’ll give updates on the situation as we learn more.

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Author: Vivian Nguyen