Richard

Cryptocurrency exchange Binance is allegedly assisting in investigating a malicious attack against Turkish crypto exchange BtcTurk, with over $5 million in stolen funds frozen, according to Binance CEO Richard Teng.
“Binance is assisting BtcTurk with investigations and have frozen over $5.3M in stolen funds so far,” Teng wrote in a June 22 X <a href="https://x.com/_RichardTeng/status/1804525525614096511" target="_blank" rel="noopener nofollow">post</a>.
According to its website, BtcTurk stated that the attack primarily affected holdings in hot wallets, which are software-based crypto wallets linked to the internet. Although hot wallets are more efficient for frequent transactions, they are <a href="https://cointelegraph.com/news/defi-hacks-april-plunge">more vulnerable to malicious</a> hackers compared to offline cold storage.
“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,” a Google-translated version of BtcTurk’s June 22 <a href="https://status.btcturk.com/" target="_blank" rel="noopener nofollow">statement</a>&nbsp;read. The exchange has over five million users.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/91e9ecff-ddff-46ba-a752-a899b65339c8.png" alt="" title="">
 <figcaption style="text-align: center;">
 BtcTurk’s June 22 statement informing users of the malicious attack. Source: BtcTurk
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Meanwhile, Teng informed his 299,800 X followers that Binance will provide updates once its investigations team has more information.
“Our investigations &amp; 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.
<h3 data-ct-non-breakable="true" id="binance-receives-praise-as-bad-actors-continue-to-attack-crypto-exchanges">Binance receives praise as bad actors continue to attack crypto exchanges</h3>
It comes after blockchain investigator ZackXBT praised Binance for its efforts in helping the broader community <a href="https://cointelegraph.com/news/dmm-bitcoin-raises-320m-recover-funds-hack-crypto-exchange-raises-320-m-to-recover-funds-after-major-hack">during security incidents</a>.
“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,” ZachXBT stated on June 22 in an X <a href="https://x.com/zachxbt/status/1804495321973788833" target="_blank" rel="noopener nofollow">post</a>.
BtcTurk’s CEO Özgür Güneri has not yet made a public comment on X regarding the matter.
Related: <a href="https://cointelegraph.com/news/fake-id-crypto-exchange-cyber-identity-theft-australia">Fake ID crypto exchange sign-ups attract 2-year prison sentence</a>
It comes only days after Switzerland-based crypto exchange <a href="https://cointelegraph.com/news/lykke-crypto-exchange-acknowledges-hack-halting-withdrawals">Lykke halted withdrawals</a> after suffering an exploit on June 4.
Blockchain security researcher SomaXBT accused the team of attempting to hide the security breach, stating “@lykke CTX got exploited and lost $19.5 million worth crypto assets but the team is still trying to hide this fact.”
Cointelegraph has reached out to BtcTurk for comment but did not receive a response a time of publication.
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/bitcoin-layer2-sidechains-not-really-bitcoin-l2s/">‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters</a>

Binance assists BtcTurk attack probe, freezes $5.3M in ‘stolen funds’

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