CEO Richard Teng said the Binance exchange is assisting in the investigation of the malicious attack on Turkish cryptocurrency exchange BtcTurk, freezing more than $5 million in stolen funds.
“Binance is assisting BtcTurk with the investigation and has so far frozen over $5.3 million in stolen funds.”
Binance is supporting BtcTurk with investigations and has frozen over $5.3M in stolen funds so far.
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. https://t.co/8j6uMgOPm6
— Richard Teng (@_RichardTeng) June 22, 2024
BtcTurk, with over 5 million users, claims that the attack mainly affected holdings in hot wallets – software-based cryptocurrency wallets linked to the internet. Hot wallets, although more efficient for frequent transactions, are more susceptible to hacker attacks than cold wallets. The official damage of the hack has not yet been disclosed.
“Only a portion of the balances of 10 cryptocurrencies in our hot wallets were affected by this cyberattack, while the majority of assets held in our cold wallets remained secure.”
BtcTurk’s June 22 statement informed users about the malicious attack. Source: BtcTurk
Meanwhile, Teng announced that Binance will provide any updates once the exchange’s investigation team has more information.
“Our security and investigation teams are working day and night to protect the ecosystem from bad actors. We will provide further updates if available,” Teng said.
The move comes after Blockchain detective ZackXBT praised Binance for its efforts to help the broader community during security incidents.
“Binance gets criticized by the media when in reality their security team often does more work for victims + incident response support efforts,” ZachXBT declare on June 22.
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According to Cointelegraph
