Binance CEO Richard Teng reaffirms Binance’s support for BtcTurk in the wake of the recent hack.
Binance quickly took action to freeze over $5.3 million in stolen funds related to the recent BtcTurk cyberattack. Collaboration between exchanges aims to mitigate losses and strengthen security for crypto users.
Binance CEO#RichardTengreaffirms the exchange’s commitment to strengthening security and protecting user funds following the recent BtcTurk hack. Binance took prompt action to freeze the stolen funds as they moved through its centralized exchange, demonstrating proactive action to mitigate losses for affected users. Teng’s statement highlights Binance’s proactive stance in maintaining the integrity of the crypto ecosystem in the face of evolving cybersecurity challenges.
🔸 Binance’s Commitment to Security and Support for BtcTurk
Binance’s CEO announced on X that they will actively assist BtcTurk in its investigation into the recent security breach. The cryptocurrency giant has frozen more than $5.3 million in stolen funds that moved through its platform, underscoring its commitment to combating illegal activity in the cryptocurrency space.
In response to the attack, BtcTurk quickly halted deposits and withdrawals for all cryptocurrencies. The hackers targeted the exchange’s hot wallets, compromising balances of 10 different cryptocurrencies. However, BtcTurk officials assured users that the majority of assets were safely stored in cold wallets and were not affected by the breach.
BtcTurk highlighted that while the hackers gained access to the hot wallets, the majority of their cryptocurrency holdings were safely stored in cold wallets and were not compromised. The exchange also stressed that its financial reserves exceeded the amount affected and were able to protect users’ assets from potential losses. As part of its response, BtcTurk has launched a full investigation into the incident and is actively working with relevant authorities to resolve the issue and prevent future incidents.
