📣 Binance CEO Richard Teng Affirms Binance’s Support To BtcTurk Amid Recent Hack

Binance has taken swift action in freezing over $5.3 million in stolen funds linked to the recent BtcTurk cyberattack. Collaborative efforts between the exchanges aim to mitigate losses and enhance security measures for cryptocurrency users.

Binance CEO, #RichardTeng has reaffirmed the exchange’s commitment to bolstering security measures and protecting user funds in the wake of the recent hack targeting BtcTurk. In a decisive move, Binance has frozen stolen funds that transited through its centralized exchange, demonstrating proactive steps to mitigate the impact on affected users. Teng’s statement underscores Binance’s proactive stance in safeguarding the integrity of the crypto ecosystem amidst evolving cybersecurity challenges.

🔸 Binance’s Commitment to Security and Support for BtcTurk

Binance’s CEO took to X, announcing their active role in assisting BtcTurk’s investigation into a recent security breach. The crypto giant has already frozen over $5.3 million in stolen funds that passed through its platform, showcasing its commitment to combating illicit activities in the cryptocurrency space.

In response to the attack, BtcTurk swiftly halted all cryptocurrency deposits and withdrawals. The hackers targeted the exchange’s hot wallets, compromising balances across 10 different cryptocurrencies. However, BtcTurk officials have reassured users that the majority of assets, stored securely in cold wallets, remain unaffected by the breach.

BtcTurk emphasized that while hackers gained access to the hot wallets, the bulk of their crypto holdings are safely stored in cold wallets, which were not compromised. The exchange has also stressed that its financial reserves exceed the impacted amounts, ensuring that user assets are protected from potential losses. As part of its response, BtcTurk has initiated a comprehensive investigation into the incident and is actively cooperating with relevant authorities to address the situation and prevent future.