🔥💥Richard Teng revealed: Binance aided BtcTurk hack investigation and froze $5.3 million in 'stolen funds'

Cryptocurrency exchange Binance assisted in the investigation of a malicious attack on Turkish crypto exchange BtcTurk and more than $5 million in stolen funds were frozen, according to Binance CEO #RichardTeng

“Binance is assisting BtcTurk with investigations and has frozen more than $5.3 million in stolen funds so far,” Teng said in an X post dated June 22.

#BtcTurk which has more than 5 million users according to its website, stated that the attack primarily affected assets in hot wallets, which are software-based crypto wallets connected to the internet. While hot wallets are more efficient with frequent transactions, they are more vulnerable to malicious hackers compared to offline cold storage.

A Google translation of BtcTurk's June 22 statement stated, "While only a portion of the balances of 10 cryptocurrencies in our hot wallets were affected by this cyber attack, the vast majority of assets held in our cold wallets remained safe."

Meanwhile, Teng informed his 299,800 X followers that Binance will provide any updates once the research team learns more.

“Our investigations and security teams are working around the clock as part of our proactive efforts to protect the ecosystem from bad actors. “We will provide further updates as they become available,” Teng said.

Binance gets praise as bad actors continue to attack crypto exchanges

This comes after Blockchain researcher ZackXBT praised Binance for its efforts to help the broader community during security incidents.

#binance #Turkey