The cryptocurrency exchange in Turkey, BtcTurk faced a cyber attack with almost $5 million in stolen funds, and Binance is assisting the exchange in this investigation.
According to Binance CEO Richard Teng, cryptocurrency exchange Binance is reportedly assisting in the investigation of a malicious attack on Turkish crypto exchange BtcTurk, with over $5 million in stolen funds frozen so far.
“Binance is assisting BtcTurk with investigations and have frozen over $5.3M in stolen funds so far,” Teng wrote in a June 22 X post.
The exchange with active users of almost 5 million stated that the cyber attacks usually affected hot wallets which are connected to the internet. Hot wallets are usually easy to hack and more valuable for hackers as compared to cold wallets.
“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,” Google translated Turk statement.
Teng stated on X that Binance will update the audiences as the investigation team finds out any lead to this attack.
“Our investigations & security teams work around the clock as part of our proactive efforts to protect the ecosystem from bad actors. We will provide further updates as relevant,” Teng stated.
Binance Gains Recognition as Crypto Exchange Attacks Persist
A blockchain investor ZackXBT appreciated the efforts made by Binance to investigate the scene by helping millions of users.
“Binance gets crucified by the media when in reality their security team generally does more for victims + goes out of their way to assist in incident response,” he posted on X on June 22.
This follows just days after Switzerland-based crypto exchange Lykke suspended withdrawals due to a security breach on June 4.
Till now, the CEO of BtcTurk, Özgür Güneri has not made any official announcement.
SomaXBT, a blockchain security researcher made an allegation on the team for hiding the security breach and stated that “@lykke CTX got exploited and lost $19.5 million worth crypto assets but the team is still trying to hide this fact.”
