Binance CEO Richard Teng Freezes Over $5.3 Million In Stolen Funds Linked To BtcTurk Breach
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Binance CEO Richard Teng Freezes Over $5.3 Million In Stolen Funds Linked To BtcTurk Breach

Binance CEO has taken swift action in freezing over $5.3M in stolen funds linked to the recent BtcTurk cyberattack. Collaborative efforts between the exchanges aim to mitigate losses and enhance security measures for cryptocurrency users.

  • Binance CEO freezes over $5.3 million in stolen funds linked to BtcTurk breach.
  • BtcTurk reassures users after halting deposits and withdrawals post-hack.
  • Turkey plans major tax reform to bolster state revenue and economic recovery efforts.

Binance CEO, Richard Teng has reaffirmed the exchange’s commitment to bolstering security measures and protecting user funds in the wake of the recent hack targeting BtcTurk. 

In a decisive move, Binance has frozen stolen funds that transited through its centralized exchange, demonstrating proactive steps to mitigate the impact on affected users. 

Teng’s statement underscores Binance’s proactive stance in safeguarding the integrity of the crypto ecosystem amidst evolving cybersecurity challenges.

Binance’s Commitment to Security and Support for BtcTurk

Binance’s CEO took to X, announcing their active role in assisting BtcTurk’s investigation into a recent security breach. 

The crypto giant has already frozen over $5.3 million in stolen funds that passed through its platform, showcasing its commitment to combating illicit activities in the cryptocurrency space.

In response to the attack, BtcTurk swiftly halted all cryptocurrency deposits and withdrawals. The hackers targeted the exchange’s hot wallets, compromising balances across 10 different cryptocurrencies. 

However, BtcTurk officials have reassured users that the majority of assets, stored securely in cold wallets, remain unaffected by the breach.

BtcTurk emphasized that while hackers gained access to the hot wallets, the bulk of their crypto holdings are safely stored in cold wallets, which were not compromised. 

The exchange has also stressed that its financial reserves exceed the impacted amounts, ensuring that user assets are protected from potential losses. 

As part of its response, BtcTurk has initiated a comprehensive investigation into the incident and is actively cooperating with relevant authorities to address the situation and prevent future occurrences.

Turkey’s Overhaul of Tax Legislation

The Turkish government is preparing a significant overhaul of the country’s tax system. According to an anonymous insider, officials are drafting new tax legislation to be presented in parliament later this month. 

This reform is poised to be the most comprehensive revision of Turkey’s tax code since the aftermath of the 1999 earthquake, when taxes were broadly increased to fund recovery efforts.

The proposed measures are projected to boost state revenue by 226 billion liras, equivalent to approximately $7 billion or 0.7% of Turkey’s GDP. 

Government officials consider this substantial revenue increase vital for reinvigorating the nation’s economic recovery.

This reform goes beyond minor adjustments, signaling a major shift in Turkey’s fiscal policy. 

The scale of the changes and the expected impact on state finances underscore the government’s determination to address economic challenges through significant policy measures.

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