HomeBinanceBinance helps with investigation into BtcTurk attack, freezes $5.3M in allegedly stolen...

Binance helps with investigation into BtcTurk attack, freezes $5.3M in allegedly stolen funds

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Binance Assists in Investigating Malicious Attack on BtcTurk, Freezes Over $5 Million in Stolen Funds

Binance Freezes Over $5 Million in Stolen Funds from Turkish Crypto Exchange Attack

In a recent development, cryptocurrency exchange Binance has reportedly stepped in to assist in investigating a malicious attack against Turkish crypto exchange BtcTurk. Binance CEO Richard Teng revealed that over $5.3 million in stolen funds have been frozen at this stage.

The attack, which primarily targeted holdings in hot wallets – software-based crypto wallets connected to the internet, has affected BtcTurk, a platform with over 5 million users according to its website. While hot wallets are more efficient for frequent transactions, they are also more susceptible to malicious hackers compared to cold storage.

BtcTurk released a statement on June 22, stating that only a portion of the balances of 10 cryptocurrencies in their hot wallets were affected, while the majority of assets held in cold wallets remain secure.

Teng took to X to inform his followers that Binance’s investigations and security teams are working tirelessly to protect the ecosystem from bad actors. He promised to provide further updates as more information becomes available.

The news of Binance’s involvement in the investigation comes amidst ongoing attacks on crypto exchanges. Blockchain investigator ZackXBT commended Binance for its efforts in assisting victims and responding to security incidents.

Meanwhile, BtcTurk’s CEO Özgür Güneri has not yet made a public statement on the matter.

This incident follows a similar exploit on Switzerland-based crypto exchange Lykke, which halted withdrawals after suffering an attack on June 4. Blockchain security researcher SomaXBT accused the team of trying to conceal the security breach.

Cointelegraph reached out to BtcTurk for comment but has not received a response at the time of publication. The crypto community continues to monitor the situation closely as exchanges work to enhance their security measures in the face of increasing threats.

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