Crypto Exchanges and Platforms Lose Over $95 Million to Cyberattacks as Weak Points Are Exposed

The past weekend was particularly terrible for many big-name cryptocurrency exchanges and platforms, as cyberattacks claimed some hefty portions in damages.

Multiple cryptocurrency exchanges and platforms have fallen victim to cyberattacks over the past weekend, resulting in significant losses.

According to alerts from web3 security firm CertiK, big-name firms such as BtcTurk, CoinStats, SportsBet, and Farcana were targeted in these attacks, collectively losing more than $95 million.

The attacks highlight the vulnerability of the crypto space and the constant targeting of these markets by criminals.

BtcTurk Suffers Major Breach

Turkish cryptocurrency exchange BtcTurk was hit by a major cyberattack on June 22. The attackers managed to breach the exchange’s security, gaining control over ten hot wallets and stealing multiple cryptocurrencies, amounting to over $90 million.

In response to the attack, BtcTurk was forced to suspend all cryptocurrency deposits and withdrawals while the company attempted to first assess the extent of the attack and then address the issue.

The cyberattack also caused instabilities in the market. Following the attack, BtcTurk is actively working with the police to find the perpetrator and bolster protection against similar threats in the future.

CoinStats Faces Security Incident

On the same day, popular cryptocurrency app CoinStats also fell victim to a security breach, which affected 1,590 wallets.

CoinStats was prompted to freeze users’ activities and close the application to curb the security break. However, thanks to the CoinStats team’s quick reaction, only a small percentage of their wallets (1.3%) were manipulated, resulting in an estimated loss of $2 million.

The company clarified that none of the connected wallets or exchanges were hacked and they are working to resume their usual functionalities.

SportsBet Targeted by Hackers

Online gambling site SportsBet also joined the list of cyberattack victims on June 23. The platform was hit by an attack that siphoned over $3.5 million, and it appeared to be carried out by the same hacker who breached the BtcTurk exchange.

According to on-chain investigator ZachXBT, there are similarities in the attack tactics, although the exact method used is still unknown.

Currently, SportsBet is seeking to obtain more information about the issue to enhance the company’s security systems against such incidents.

Farcana’s Third-Party Market Maker Compromised

On June 24, UAE-based blockchain gaming studio Farcana announced that one of their FAR wallets had been compromised. However, the studio confirmed that it did not lose the funds and it was a third-party market maker that was hacked.

The attackers managed to steal 23,809,523 FAR tokens, which are valued at nearly $880,000 at the current market prices. This incident highlights the vulnerability of third-party services.

Farcana is discussing the situation with the other market maker that was also impacted and exploring ways to improve their security.

The losses from these attacks underscore the need for the crypto industry to implement robust security systems. As evident from these incidents, computer criminals are targeting crypto platforms and amassing millions of dollars in stolen funds over the weekend.