Binance Freezes Assets Linked to BtcTurk’s Hacker Attack

Binance is allegedly aiding in the investigation of a malicious attack on Turkey’s BtcTurk exchange, which resulted in over $5 million in stolen funds being frozen.

Binance CEO Richard Teng stated that they have already frozen $5.3 million of the stolen funds in a post on X on June 22.

BtcTurk’s website reported that the attack mainly targeted assets in hot wallets, which are digital wallets connected to the internet. While hot wallets are convenient for frequent trading, they are more susceptible to cyber attacks compared to offline cold storage.

In a statement released on June 22, BtcTurk stated that only a small portion of the balances in their hot wallets were affected by the attack, and the majority of their assets held in cold wallets remained secure.

BtcTurk, which has more than five million users, is one of the largest cryptocurrency exchanges in Turkey.