Hackers Use PUGB to Execute a $2.47 Million Cryptocurrency Hack

A group of hackers from Turkey have been arrested and detained by local authorities on allegations that they hacked one of the local cryptocurrency companies. It is reported that they relied on the popular video game, PUGB, to discuss and pan how to infiltrate the company’s firewalls.

Turkish Cryptocurrency Company Lose Cryptos worth $2.47 Million to Hackers

The Turkish cryptocurrency company is reported to have lost cryptocurrency assets worth $2.47 million to the hackers. The fact that digital currency companies hold large amounts in a single entity motivates hackers to infiltrate their systems.

This is not the first time that a cryptocurrency company has been hacked. Criminal gangs from all across the globe have invested in modern systems that enable them to remotely access cold storage used to store cryptocurrencies by the said companies.

According to one of the local news publications, DailySabah, 24 people who are suspected to be linked to the hacking incident in one way or another have been detained by the Turkish authorities. This follows an extensive search that cut across eight vast Turkey provinces for the last couple of days.

The advanced technology used by the authorities helped them to decipher the ingenious communication channel used by the hackers and locate them. The company alerted the authorities about the hack themselves after realizing that a huge chunk of their digital assets was missing.

Most of the cryptocurrencies were in form of XRP, Ether, and Bitcoin. Later on Istanbul Cybercrime Branch Office confirmed that two of the cryptocurrency company’s wallets were hacked and cryptocurrencies worth $2.47 million or 13 million Lira stolen. The assets were transferred from the company digital wallets to the hackers’ wallets remotely.

Some of the provinces that the joint operation was carried out include Ankara, Bursa, Bolu, Antalya, Izmir, Afyonkarahisar, and Istanbul. During the arrests, a total of 1.3 million lira worth of cryptocurrency and 54,000 lira in cash were recovered from the suspects. The funds were seized by the company and sent back to the cryptocurrency company’s coffers.

One of the unique aspects of this case is the communication channel that was used by the hackers. According to a report prepared by the police, the suspects used to rely on the popular battle royale-style video game PUGB to converse and plan the hack.

Two of the suspects were detained by later released by the prosecutor’s office. The remaining 22, 16 were released on the condition of judicial control following the mention of the case at Istanbul Courthouse in Çağlayan. Get updated about this developing story here.