Cryptocurrency exchange Binance is actively assisting in the investigation of a malicious attack on Turkish crypto exchange BtcTurk. Binance CEO Richard Teng revealed that the exchange has frozen over $5.3 million in stolen funds.
Binance Steps In to Support BtcTurk
Binance’s intervention follows an attack on BtcTurk, a platform with over 5 million users. The attack primarily targeted hot wallets—software-based crypto wallets connected to the internet. These wallets, while efficient for frequent transactions, are more susceptible to hacking compared to offline cold storage.
According to BtcTurk’s statement on June 22, “Only a portion of the balances of 10 cryptocurrencies in our hot wallets were affected by this cyber attack, while the majority of assets held in our cold wallets remain secure.”
Ongoing Investigation and Proactive Measures
Teng informed his 299,800 followers on X that Binance’s investigation and security teams are working tirelessly to uncover more information. He emphasized Binance’s commitment to protecting the crypto ecosystem from bad actors and promised to provide further updates as new information emerges.
Also Read: Binance Faces $2.2 Million Fine for AML Violations in India
Community Praise for Binance’s Efforts
Blockchain investigator ZackXBT praised Binance for its robust security efforts and support for victims during security incidents. He highlighted that while Binance often faces media criticism, the exchange’s security team consistently assists in incident responses and victim support.
BtcTurk CEO’s Silence and Other Recent Incidents
BtcTurk’s CEO Özgür Güneri has not yet commented publicly on the matter. This incident follows closely on the heels of a security breach at Switzerland-based crypto exchange Lykke, which halted withdrawals after losing $19.5 million worth of crypto assets on June 4. Blockchain security researcher SomaXBT accused the Lykke team of attempting to conceal the security breach.
