- Binance has assisted BtcTurk after a significant hack, with funds stolen from its hot and cold wallets
- Binance has already frozen $5.3 million worth of the stolen funds and continues to monitor suspect addresses
- BtcTurk has confirmed the hack but has not released further details since the initial announcement
Binance is assisting Turkey’s biggest crypto exchange, BtcTurk, after it was hacked and an unknown figure in cryptocurrencies stolen. BtcTurk revealed over the weekend that its hot wallets and some of its cold wallets had been breached, but didn’t divulge how much was stolen. Binance CEO Richard Teng said that Binance has already frozen $5.3 million worth of stolen funds, with Teng saying that it would continue to monitor suspect addresses. BtcTurk has not released further details since confirming the hack on X last night.
Binance Has Frozen $5.3 Million
Rumors had already spread that BtcTurk had been compromised before the exchange posted that a “cyber attack…led to unauthorized withdrawals on the BtcTurk…platform”:
Değerli Kullanıcılarımız,
Duyurularımız ve açıklamalarımız için web sayfamız ve BtcTurk | Kripto uygulamamızı takip edebilirsiniz. pic.twitter.com/zaY8IFn63q
— BtcTurk | Kripto (@BtcTurkKripto) June 23, 2024
BtcTurk added in a statement that “Only portions of the balances of 10 cryptocurrencies in hot wallets were affected, while most assets stored in cold wallets remain secure,” before going on to try and reassure users that their funds were not affected:
Btcturk’s financial strength is far above the affected amounts, ensuring user assets are not impacted. Detailed investigations are ongoing, and official authorities have been contacted. As a precaution, cryptocurrency deposits and withdrawals are halted until our work is complete … Affected cryptocurrency operations will gradually be restored as our cybersecurity teams complete their detailed work.
Richard Teng took to X to note that Binance was doing its bit to stop stolen funds from being washed on his platform:
Binance is assisting BtcTurk with investigations and have frozen over $5.3M in stolen funds so far.
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. https://t.co/8j6uMgOPm6
— Richard Teng (@_RichardTeng) June 22, 2024
Until BtcTurk reveals how much was taken from its platform and when users will be able to deposit and withdraw again, no amount of reassuring words will comfort worried customers.
