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$2.47 million in cryptocurrency stolen from Turkish firm by hackers communicating through PUBG

Biraajmaan Tamuly

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$2.47 million in cryptocurrency stolen from Turkish firm by hackers communicating through PUBG
Source: Pixabay

Cryptocurrency networks are often exposed to the threat of thefts that loom over the network’s security. It is for this reason that such networks and firms spend a significant amount of capital to fix the critical vulnerabilities and improve the protection quotient.

A Turkish firm failed this test after a group of cyber criminals pulled off an online heist on a domestic cryptocurrency company. The group of alleged hackers has been detained by the local authorities and according to reports, the hackers used the highly popular game PUBG as a medium of communication prior to the cryptocurrency theft.

The Turkish company which has fallen to the vicious attack of the virtual hackers is an Istanbul-based cryptocurrency firm. According to the Daily Sabah, a local news publication, the identity of the firm has not been disclosed, however, it has been suggested that the firm provides digital currency trading platforms.

A reported $2.47 million was stolen in the hack. The police authorities have suspended 24 members involved in the felony, following a nationwide investigation across eight of Turkey’s provinces. However, police raids could only recover $256,000 of the stolen $2.47 million.

The authorities had been informed about the hack by the cooperation itself. In its primary report, it stated that a large amount of Bitcoin, Ethereum, and XRP had been stolen. However, the Istanbul Cybercrime Branch Officer later clarified that not one, but two firms’ cryptocurrencies were compromised, amounting to a total of 13 million lira. The funds were transferred from the company wallets to the digital wallets controlled by the hackers.



The official police report has also confirmed that the felons had been communicating with each other using the popular battle royale video game called Player Unknown’s Battlegrounds, or popularly known as PUBG.

The incident, which highlights yet another case of a firm’s compromised security, has raised a lot of questions and reactions. A Redditor, bitcoin_master, commented:

“It is safest for one to protect their Bitcoin and other digital assets by taking responsibility for securing their own financial capital and keep a check of their own private key.”





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

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Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
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Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





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