The CEO of Binance @Richard Teng Has Confirmed That his Company is Helping #BtcTurk With Their Investigation into The Incident
After a massive assault on BtcTurk a Turkish exchange, Binance the biggest cryptocurrency exchange in the world, moved to block money associated with the incident.
Following Saturday's revelation of questionable transactions using Avalanche tokens, eleven of BtcTurk's hot wallets were the targets of the assault.
The bulk of BtcTurk's assets are stored in cold wallets, which the firm informed its customers in a blog post, and the company is financially sound.
Binance has successfully prevented additional illegal transfers by freezing over $5.3 million in stolen cash as part of its operations.
We take precautions to safeguard the ecosystem from malicious actors, and our investigations and security teams work nonstop to achieve this goal. The company will keep you informed of any new information, Teng said on X.
Avalanche Costing $54 Million Due to Cyberattacks
Based on his time research, blockchain investigator ZachXBT has determined that the hack was probably associated with Avalanche tokens valued about $54 million.
The THORChain protocol was used to move the money to other exchanges, among which are Binance and Coinbase.
The stolen money was then transferred to two other Bitcoin wallets after being converted. The public exposure of the assault by BtcTurk occurred at the same time as these huge transactions.
An other piece of evidence linking BtcTurk to the Avalanche transactions was the fact that the relevant Avalanche wallet had been previously linked to a Turkish cryptocurrency exchange, according to a blockchain researcher.
Additionally, ZachXBT voiced concerns on a possible cyberattack on Sportsbet, an online gambling establishment.
The investigation has determined that the same criminal responsible for the BtcTurk hack may have also stolen more than $3.5 million from Sportsbet.
Nevertheless, inquiries for comment have not been addressed by Sportsbet as of yet.
