Binance, the popular cryptocurrency exchange, is reportedly aiding in the investigation of a malicious attack on Turkish crypto exchange BtcTurk. Binance CEO Richard Teng has stated that over $5 million in stolen funds have been frozen as a result of their assistance. Teng made this announcement in a post on June 22.
BtcTurk has revealed on its website that the attack primarily targeted the holdings in its hot wallets, which are online software-based crypto wallets. While hot wallets are more convenient for frequent transactions, they are also more susceptible to attacks by malicious hackers compared to offline cold storage. BtcTurk’s statement on June 22 assured users that only a portion of the balances in its hot wallets were affected, while the majority of assets in its cold wallets remained secure. The exchange has a user base of over five million.
Teng has informed his nearly 300,000 followers on X that Binance will provide updates once its investigations team obtains more information. He stated that Binance’s security and investigation teams are working tirelessly to protect the cryptocurrency ecosystem from bad actors.
Binance has received praise from blockchain investigator ZackXBT for its efforts in assisting the broader community during security incidents. ZackXBT commended Binance’s security team for going above and beyond to help victims and aid in incident response.
BtcTurk’s CEO, Özgür Güneri, has not yet commented publicly on the matter.
In recent news, Swiss-based crypto exchange Lykke temporarily halted withdrawals after falling victim to an exploit on June 4. Blockchain security researcher SomaXBT accused the team of trying to conceal the security breach.
Cointelegraph has reached out to BtcTurk for a comment but has not received a response at the time of publication.
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