Binance Helps Btcturk With Hack Investigations, Freezes Over $5.3M in Stolen Funds
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Binance Helps Btcturk With Hack Investigations, Freezes Over $5.3M in Stolen Funds

Crypto exchange Binance is assisting Btcturk with investigating the breach and has already frozen over $5.3M in stolen funds, Binance’s CEO has disclosed. Btcturk has reopened deposits and withdrawals for all ERC20 cryptocurrencies on the ERC20 network.

Binance Assisting Btcturk With Cyber Attack Investigations

Turkish cryptocurrency exchange Btcturk revealed on Saturday that it has suffered a cyber attack, compromising the security of its hot wallets. 

The exchange subsequently halted crypto deposits and withdrawals as a precautionary measure. In collaboration with Binance, Btcturk is actively investigating the breach. Btcturk explained:

Our teams detected a cyber attack on June 22, 2024, causing unauthorized withdrawals from our platform. Only portions of the balances of 10 cryptocurrencies in hot wallets were affected, while most assets stored in cold wallets remain secure.

“Btcturk’s financial strength is far above the affected amounts, ensuring user assets are not impacted,” the exchange claimed. 

“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.”

In a follow-up status update on Sunday, Btcturk announced: “Deposits and withdrawals for all ERC20 cryptocurrencies on the ERC20 network have been reopened.”

Binance CEO Richard Teng shared on social media platform X on Saturday:

“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,” he added.

What do you think about Binance helping Btcturk with its hack investigations? Let us know in the comments section below.

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