Did a Turkish Whale Do It? $220 Million Worth of Ethereum Withdrawn from the Exchange! - Coin Bulletin

It has been understood that the 220 million dollar Ethereum transfer of the Turkish cryptocurrency exchange BtcTurk is a security measure made within the scope of cold wallet change, not whale purchase.

The news of a $220 million Ethereum transfer through BtcTurk yesterday evening caused a stir on social media. Reports of the transfer, which came to the agenda with Whale Alert's shares, indicated that more than 63 thousand Ethereum were transferred to unknown wallets. Initially, it was thought that a Turkish whale made a large Ethereum purchase.

However, the details regarding the issue refuted the whale claims. According to research conducted by a Twitter user named Astronomica based on on-chain data, it was stated that these large transfers were actually cold wallet exchanges by BtcTurk.

The user who also announced the transfer of altcoins stated that this could be a security measure taken after the recent hacking incidents. When the transfer details were examined, it was understood that the funds were moving directly between wallets under BtcTurk's control.

BtcTurk was under cyber attack on June 22, 2024, and the initial claims suggested that the attack caused $55 million in damages. The exchange noted that it was targeted at a total of 10 different cryptocurrencies' hot wallets, and the cold wallets were completely secure.

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