Binance CEO Richard Teng said the world's largest cryptocurrency exchange is helping with the investigation into the hack of the Turkish cryptocurrency market BtcTurk.
In a post on social media platform X Teng says that Binance is assisting BtcTurk in the investigation and has frozen over $5.3 million worth of stolen crypto assets so far.
“Our investigations and security teams are working around the clock as part of our proactive efforts to protect the ecosystem from malicious actors. We will provide further updates as needed."
BtcTurk, one of Turkey's largest cryptocurrency exchanges, said it detected a cyberattack on its platform on June 22.
The exchange said in a statement that the security breach affected the hot wallets of 10 cryptocurrencies, but the cold wallets, which hold the majority of assets, are safe.
BtcTurk says it is suspending deposits and withdrawals until an investigation is completed, but is assuring customers that their funds will remain intact.
“BtcTurk's financial strength greatly exceeds the amounts affected by this attack, and these losses will not impact users' assets. Our teams are conducting detailed research on this issue. At the same time, contacts were established with the official authorities.”
An investigator under the pseudonym ZachXBT reports that the suspected criminal transferred $54.2 million worth of Avalanche (AVAX) and then withdrew more than $46 million worth of Bitcoin (BTC) from Coinbase and Binance.
“I did some timing analysis and found a very likely BTC withdrawal shortly after AVAX deposits on both Coinbase and Binance.
587.75 BTC ($38.1 million) was withdrawn from Coinbase to the address: bc1q7pkc7h8td55s4em7tmlvd42wahjd4hm8lf035n.
122.66 BTC ($7.95 million) was withdrawn from Binance to the address bc1qezradgkklz3gczk9jjzn922ye7pgj4yd9pnupv. »
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