The past weekend was particularly terrible for many big-name cryptocurrency exchanges and platforms, as cyberattacks claimed some hefty portions in damages. In the high-profile attacks list such firms as BtcTurk, CoinStats, SportsBet, and Farcana were targeted and lost more than $95 million as reported by the web3 security firms CertiK alerts. These breaches show that the crypto space still has many weak points and how constantly criminals are targeting these markets. 

BtcTurk suffers major breach

Cryptocurrency exchange from Turkey, BtcTurk received a serious cyberattack on June 22. The attackers successfully penetrated the exchange’s security, which resulted in further control over ten hot wallets and the embezzlement of about $90M+ in multiple cryptocurrencies. 

As a result, BtcTurk had to suspend all the cryptocurrency deposits and withdrawals while the company was trying to first establish the extent of the attack and then address the problem. It also caused instabilities in the market. After the cyber attack, BtcTurk is working with the police to actively search for a perpetrator and to increase protection against similar threats in the future. 

CoinStats faces security incident

On the same day, a popular cryptocurrency firm, CoinStats also fell victim to a security breach that affected 1,590 wallets. This made CoinStats freeze users’ activities and close the application to curtail the security break. Praise to the team of CoinStats, they reacted swiftly; only a small per cent of their wallets, that is, 1.3% were manipulated, causing an estimated loss of $2 million. The company clarified that none of the connected wallets or exchanges have been hacked and they are running to resume their usual functionalities. 

SportsBet targeted by hackers

SportsBet, an online gambling site, also joined the cyberattack victims list on June 23. The platform was walloped, bleeding over $3. 5 million in an attack that appeared to be from the same hacker who breached the BtcTurk exchange. 

On-chain investigator ZachXBT said, there are resemblances in the attack tactics; however, the actual approach used is still unknown. Currently, SportsBet is involved in a quest to get more information about the issue so as to enhance the company’s security systems against incidences like these. 

Farcana’s third-party market maker compromised

On June 24, a UAE-based blockchain gaming studio Farcana said one of their FAR wallets had been stolen. The studio confirmed that it did not lose the funds and it was a third-party market maker that was hacked. It was pointed out that the attackers were able to steal 23,809,523 FAR tokens valued at nearly $880,000 according to the current market prices, which goes to show that third-party services are far from invulnerable. 

Farcana is in the process of discussing the situation with the other market maker that was also impacted and trying to realize to what extent their security can be improved.

The losses from these attacks only serve to strengthen the argument that the crypto industry, needs appropriate secure systems. As seen from these incidents of almost $ million that was pocketed over the weekend it is clear that computer criminals are not amateurs in their craft any more. 

Also Read : SHOCKING: Crypto “Pig Butchering” Scams on the Rise! What You Should Know

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