Binance Freezes Cryptocurrency Stolen from BtcTurk
Date: 2024-06-24 Author: Gabriel Deangelo Categories: BUSINESS
On June 22, representatives of the Turkish cryptocurrency exchange BtcTurk reported a hacker attack, as a result of which 10 different digital assets were stolen from hot crypto wallets. In response to this incident, trading platform Binance froze $5.3 million worth of cryptocurrency stolen from BtcTurk.
Hacker attack on BtcTurk
BtcTurk, whose services are used by over 5 million people, became the victim of a hack, as a result of which cryptocurrencies were stolen from hot crypto wallets. While coins in cold storage remained safe, assets such as Avalanche (AVAX) suffered. Tens of millions of dollars worth of AVAX coins were withdrawn from one of the wallets allegedly belonging to BtcTurk, leaving only $17.1 worth of assets in the crypto storage.
Binance Investigation Assistance
Shortly after the incident, Binance announced its support in the investigation of the hack. Binance CEO Richard Teng said a team of investigators and cybersecurity staff are working around the clock to protect the ecosystem from attackers.
"Our teams of investigators and cybersecurity staff are working around the clock to protect the ecosystem from attackers. We will publish updates as they become available," Richard Teng wrote.
Community Reaction and Praise for Binance
Specialists from the Wu Blockchain portal found that one of the stolen cryptocurrencies was AVAX. At the same time, blockchain detective ZachXBT praised Binance specialists for their work and noted that despite criticism in the media, the company’s cybersecurity department often helps victims of hackers who have lost their savings.
The hacker attack on BtcTurk has once again highlighted the importance of cybersecurity in the world of cryptocurrencies. Binance's intervention and efforts to freeze the stolen assets demonstrated the effectiveness of joint action and support in the community. This incident also highlighted the need for continuous improvement of security measures and cooperation between crypto exchanges to protect users and their assets.
