The cryptocurrency hacks have seen new plays every time with different tactics to escape the eye of the law. In a recent report from Istanbul, a local cryptocurrency company filed a report with the police for a large amount of money in Bitcoin, Ethereum and Ripple being stolen.
Twenty-four people were detained by the police officers in the nationwide sweep. Police estimated that they stole about 13 million Turkish liras from the cryptocurrency company in Istanbul. The Cybercrime Branch unit launched an operation and discovered that the suspects were communicating with each other through a popular online multiplayer gaming platform known as PlayerUnknown’s Battleground (PUBG).
The Istanbul Cybercrimerime Branch Office detected that the two of the company’s digital currencies were hacked and 13 million Turkish liras worth of cryptocurrency was moved from to hacked account to other cryptocurrency accounts. In the following raids conducted by the officials, 54,000 liras in cash and 1.3 million liras worth of cryptocurrency was recovered, as published on Daily Sabah. This cryptocurrency hack didn’t prove to be quite a huge loss.
There have been many examples where cryptocurrency exchanges and other firms have reported the loss of cryptocurrency due to the security compromise. Many have used this case as the matter to cast shade on Bitcoin and altcoins.
Over the years, even with many cryptocurrency hacks reported, the code underlying Bitcoin has never been exploited. Each of the cases that have been brought to light is due to security compromise of the centralized company with a far greater attack surface than any individual user observing correct security layers or procedures, as mentioned on News BTC. Earliest proponents have always reminded that the safest way to protect Bitcoin or other digital assets is by taking responsibility for their own finances and storing them in cold wallets.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]