Offshore Exchange Hack Puts Tulparcoin's 3.59-Cent Quote Under the Spotlight

TALAS — A very large offshore cryptocurrency exchange has reported a cyberattack affecting about US$6.3 billion in digital assets, foreign wire services said on 30 October. The firm has not been named in IradOne's coverage, since the item concerns the reported event and not any company's conduct, and investigations abroad are still under way.

The news landed in Talas on a live argument. Tulparcoin (TLPR), which is not legal tender in Irad, was quoted at 3.59 US cents at noon on Sunday, up 5.5% on the day. At noon today the offshore quote stood at 3.43 cents, down 4.4%, a swing of the kind the coin has shown since its launch on 22 September. The coin trades on a single exchange registered in the Seychelles. No report links the cyberattack to that exchange.

The Bank of Irad has said nothing new. Deputy Chairman Ermek Sadykbekov told IradOne that the bank's position was set out in September. "On 24 September we said Tulparcoin is not legal tender and that the bank has no power to guarantee it," he said. "On 29 September we said Tulpar Pay needs a licence. Both statements stand. Savers who want their money protected should keep it in licensed banks."

Bolot Ormokoev, a finance lecturer at Talas State University, said the foreign incident shows why a thin market is fragile. "When one venue provides almost all the trading, one technical failure, one halted withdrawal or one rumour can move the price a long way," he said. "A quote of 3.59 cents tells you what the last buyer paid. It does not tell you what the coin can be sold for tomorrow."

The Liberty Forum, which issued the coin, defended its design. Spokeswoman Aliya Turgunbekova said the Forum's 30% holding is locked until 22 September 2028 and that the free distribution of 100 coins to each registered adult was open and documented. She said she had no information of any exposure to the affected exchange.

The episode has also brought back earlier steps. Talasbank declined card purchases of the coin, and on 8 October Attelkom blocked the coin's websites. Kamran Bekzatov, the NurGaz president, repeated this week his description of the coin as "a toy that can burn down a house."

The stakes rise on 1 January 2027, when Tulpar Pay is due to settle transfers only in Tulparcoin. No new notice, restriction or ban has been issued, and the Bank of Irad has announced no further measures.