Exchange News

Crypto thieves use a popular video game to coordinate a $2M exchange hack

Crypto thieves have a new way to share information on how well to hack a crypto exchange, by using a popular video game.

A Turkish cryptocurrency exchange was left counting loses after crypto thieves made away with more than 2 million U.S dollars in Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH). This has been reported by Daily Sabah, a Turkish media outlet. The identity of the affected virtual currency platform has not yet been revealed.

However, the Cybercrime police department in Istanbul, Turkey, has reportedly arrested 24 individuals who are believed to be behind the hack. Interestingly, the 24 individuals were scattered across Turkey and used a popular video game, Player Unknown’s Battleground (PUBG), to plan out the hack.

According to the media outlet:

In a simultaneous operation carried out in the provinces of Istanbul, Ankara, Izmir, Afyonkarahisar, Bursa, Edirne, Bolu, and Antaya, police arrested 24 suspects. In the raid conducted in the suspects’ addresses, 54,000 liras [approximately $10K] in cash, and 1.3 million lira’s [roughly $246K] worth of virtual money was seized and delivered to the company’s authorities.

Out of the 24 suspected crypto thieves, 2 were released at the police station after their legal procedures were concluded. The rest were taken to a Courthouse in Çağlayan, Istanbul, from where a judicial control was issued on sixteen of them. The other six suspected crypto thieves remained in court.

The attack on the Turkish crypto exchange adds to the rising number of crypto exchange users losing their digital wealth to crypto thieves. Some of the exchanges which have a security breach this year include Cryptopia. For the other exchange, QuadrigaCX, funds were lost in unclear circumstances after its founder died. However, reports have emerged that funds started leaving the exchange even before its founder died in late 2018.

Do you think the Turkish crypto thieves, instead of a hack, they had the details of the exchange’s security system and all they needed was to get in and out in the shortest time possible simultaneously?

Let us know your thoughts in the comments section below.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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