Weekend Cyberattacks on BtcTurk, CoinStats, SportsBet, and Farcana Show Crypto Space Still Has Many Weak Points

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

The past weekend was particularly rough for several big-name cryptocurrency exchanges and platforms, as cyberattacks resulted in hefty damages. According to web3 security firm CertiK alerts, several high-profile firms were targeted in these attacks, with losses exceeding $95 million. Among the victims were BtcTurk, CoinStats, SportsBet, and Farcana. These breaches highlight the crypto space's weak points and the constant targeting by criminals.

BtcTurk Suffers Major Breach

On June 22, Turkish cryptocurrency exchange BtcTurk was subjected to a severe cyberattack. The attackers breached the exchange’s security, gaining control over ten hot wallets and embezzling around $90M+ in various cryptocurrencies. This led BtcTurk to halt all cryptocurrency deposits and withdrawals as the company officials attempted to first establish the extent of the attack and then take steps to counter it. The cyberattack also caused instabilities in the market. Following the attack, BtcTurk is actively working with the police to identify the attacker and strengthen its defenses against such threats in the future.

CoinStats Encounters Security Incident

On the same day, CoinStats, a popular cryptocurrency firm, encountered a security breach that impacted 1,590 wallets. This prompted CoinStats to freeze user activities and close the application to contain the breach. Thanks to CoinStats' quick response, only a small percentage (1.3%) of their wallets were compromised, resulting in an estimated loss of $2 million. The company stated that none of the connected wallets or exchanges were hacked and that they are working to fully resume normal functionalities.

SportsBet Targeted by Hackers

On June 23, SportsBet, an online gambling platform, joined the list of cyberattack victims when the platform was hit by an attack that appeared to be from the same hacker who breached the BtcTurk exchange, with losses exceeding $3.5 million. According to on-chain investigator ZachXBT, there were similarities in the tactics used in both attacks, although the exact method of entry is still unknown. Currently, SportsBet is gathering more information on the incident to strengthen its security systems against such attacks.

Farcana's Third-Party Market Maker Hacked

On June 24, Farcana, a blockchain gaming studio based in the UAE, reported that one of their FAR wallets had been compromised. However, the studio clarified that it did not lose any funds and that a third-party market maker was hacked. It was revealed that the attackers managed to steal 23,809,523 FAR tokens, which are valued at nearly $880,000 at current market prices, highlighting that even third-party services are not immune to such attacks. Farcana is discussing the situation with the other market maker that was also impacted and exploring options to enhance their security measures.

The losses incurred from these attacks further emphasize the need for robust security measures in the crypto industry. As evident from these incidents, where nearly $100 million was stolen over the weekend, it is clear that cybercriminals are becoming increasingly sophisticated in their tactics.

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