Binance Helps Investigate BtcTurk Cyber Attack
Key Takeaways:
Binance’s Assistance: Binance is helping investigate BtcTurk cyber attack. They have frozen over $5.3 million in stolen funds.
Impact on BtcTurk: The attack affected hot wallets. It compromised a portion of 10 cryptocurrencies. Cold wallets remain secure.
Security Measures: Binance’s teams are working continuously on this issue. They aim to protect the ecosystem.
Industry Context: The BtcTurk attack follows a breach at Switzerland-based exchange Lykke. Lykke lost $19.5 million.
YEREVAN (CoinChapter.com) — Cryptocurrency exchange Binance is helping to investigate a cyber attack against Turkish crypto exchange BtcTurk. Binance CEO Richard Teng announced that over $5 million in stolen funds have been frozen.
“Binance is assisting BtcTurk with investigations and have frozen over $5.3M in stolen funds so far,”
he wrote in a post on X.
Binance Freezes $5.3M in Stolen Funds Amid BtcTurk Hack – Source: Richard Teng BtcTurk Cyber Attack Hits Hot Wallets, Cold Wallets Remain Secure
BtcTurk, which has over five million users, was targeted by a cyber attack affecting its hot wallets. According to BtcTurk, the attack primarily impacted holdings in these internet-connected wallets. Hot wallets, though efficient for transactions, are more vulnerable to hacks compared to offline cold storage.
In a June 22 statement, BtcTurk explained that only a portion of the balances of 10 cryptocurrencies in their hot wallets were affected. The majority of assets in their cold wallets remain secure.
BtcTurk’s June 22 statement informing users of the malicious attack. Source: BtcTurk.com Binance’s Continuous Efforts Praised Amid BtcTurk Hack
Richard Teng emphasized that Binance’s teams are working continuously on this issue.
“Our investigations & security teams work around the clock as part of our proactive efforts to protect the ecosystem from bad actors. We will provide further updates as relevant,”
Teng said.
Blockchain investigator ZackXBT commended Binance’s efforts. In a June 22 post, ZackXBT noted,
“Binance gets crucified by the media when in reality their security team generally does more for victims + goes out of their way to assist in incident response.”
KYC Compliance Ineffectiveness Highlighted by ZachXBT – Source: ZachXBT
BtcTurk’s CEO Özgür Güneri has not yet made a public comment about the incident.
$19.5M Lykke Exploit
This attack on BtcTurk follows a recent exploit on the Switzerland-based crypto exchange Lykke. On June 4, blockchain security researcher SomaXBT claimed Lykke lost $19.5 million in crypto assets and accused the exchange of trying to hide the breach.
Source: Lykke
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