Binance assists in the investigation of the BtcTurk attack and has frozen $5.3M in “stolen funds”
According to Binance CEO Richard Teng, the company is providing support in the investigation of the malevolent assault on Turkish crypto exchange BtcTurk.
Binance, a cryptocurrency exchange, is purportedly aiding in the investigation of a nefarious assault on Turkish crypto exchange BtcTurk. Presently, Binance CEO Richard Teng has suspended over $5 million in misappropriated funds.
In a post on June 22, Teng stated that “Binance is assisting BtcTurk with investigations and have suspended over $5.3M in misappropriated funds so far.”
According to its website, BtcTurk has a user base of over 5 million. The company’s statement was that the attack predominantly impacted holdings in hot wallets, which are software-based crypto wallets that are online. Although hot wallets are more efficient for frequent transactions, they are more susceptible to malicious hackers than offline cold storage.
In the interim, Teng advised his 299,800 X followers that Binance will furnish any updates as soon as its investigations team obtains additional information.
As part of our proactive initiatives to safeguard the ecosystem from malicious actors, our security and investigations teams operate continuously. Teng stated, “We will provide additional information as it becomes pertinent.”
It follows the commendation of Binance by blockchain investigator ZackXBT for its assistance to the broader community during security incidents.
X user ZachXBT said on June 22 that “Binance’s security staff helps victims more than anybody else and goes above and beyond to aid with incident response, yet the company is unfairly criticized by the media.”
Özgür Güneri, the CEO of BtcTurk, has not yet issued a public statement on the matter in relation to X. It occurs mere days after Lykke, a crypto exchange based in Switzerland, suspended withdrawals following an exploit on June 4.
SomaXBT, a blockchain security researcher, accused the team of attempting to conceal the security compromise, stating that “@lykke CTX was exploited and lost $19.5 million in crypto assets, but the team is still attempting to conceal this reality.”
At the time of publication, Cointelegraph has not received a response from BtcTurk regarding their request for comment.
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