Fun

Binance assists BtcTurk attack probe, freezes $5.3M in ‘stolen funds’

News Feed - 2024-06-23 11:06:50

Ciaran LyonsJun 23, 2024Binance assists BtcTurk attack probe, freezes $5.3M in ‘stolen funds’Binance is assisting in investigating the malicious attack on Turkish crypto exchange BtcTurk, according to Binance CEO Richard Teng.4225 Total views19 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCryptocurrency exchange Binance is allegedly assisting in investigating a malicious attack against Turkish crypto exchange BtcTurk, with over $5 million in stolen funds frozen, according to Binance CEO Richard Teng.


“Binance is assisting BtcTurk with investigations and have frozen over $5.3M in stolen funds so far,” Teng wrote in a June 22 X post.


According to its website, BtcTurk stated that the attack primarily affected holdings in hot wallets, which are software-based crypto wallets linked to the internet. Although hot wallets are more efficient for frequent transactions, they are more vulnerable to malicious hackers compared to offline cold storage.


“Only a portion of the balances of 10 cryptocurrencies in our hot wallets were affected by this cyber attack, while the majority of assets held in our cold wallets remain secure,” a Google-translated version of BtcTurk’s June 22 statement read. The exchange has over five million users.BtcTurk’s June 22 statement informing users of the malicious attack. Source: BtcTurk


Meanwhile, Teng informed his 299,800 X followers that Binance will provide updates once its investigations team has more information.


“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,” Teng stated.Binance receives praise as bad actors continue to attack crypto exchanges


It comes after blockchain investigator ZackXBT praised Binance for its efforts in helping the broader community during security incidents.


“Binance gets crucified by the media when in reality their security team generally does more for victims + goes out of their way to assist in incident response,” ZachXBT stated on June 22 in an X post.


BtcTurk’s CEO Özgür Güneri has not yet made a public comment on X regarding the matter.


Related:Fake ID crypto exchange sign-ups attract 2-year prison sentence


It comes only days after Switzerland-based crypto exchange Lykke halted withdrawals after suffering an exploit on June 4.


Blockchain security researcher SomaXBT accused the team of attempting to hide the security breach, stating “@lykke CTX got exploited and lost $19.5 million worth crypto assets but the team is still trying to hide this fact.”


Cointelegraph has reached out to BtcTurk for comment but did not receive a response a time of publication.


Magazine: ‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters# Cryptocurrencies# Turkey# Hackers# Cryptocurrency Exchange# BTCTurk# Binance# Hacks# RegulationAdd reaction

News Feed

XRP Ledger onchain transactions drop 65.6% in Q2 2024
Ciaran Lyons6 hours agoXRP Ledger onchain transactions drop 65.6% in Q2 2024The decline in activity and the rise in transaction costs on the XRP Ledger are a significant shift compared to the previous quarter.2326 Total
Latvian Artist Threatened With Prison for Money Laundering Through NFTs
Latvian Artist Threatened With Prison for Money Laundering Through NFTs An artist from Latvia is under investigation for allegedly selling NFTs, or non-fungible tokens, to launder
Fed Faces Double Inflation as Supply Chain Falters, Economists Question Spending, Biden ‘Not Worried’
Fed Faces Double Inflation as Supply Chain Falters, Economists Question Spending, Biden "Not Worried" Reports show a vast majority of the American populace has b
Vinita Rathi11 hours agoChallenges Web3 developers encounter when using chatbots like ChatGPTSo, if you still haven’t jumped on the chatbot bandwagon, it could be high time you consider exploring the possibilities.695
Runes are offering a significant lifeline for Bitcoin miners — TeraWulf COO
Zoltan Vardai14 hours agoRunes are offering a significant lifeline for Bitcoin miners — TeraWulf COOThe transaction fees are the “wild card” for Bitcoin miners, with the current increase representing a crucial reve
Brayden Lindrea1 hour agoSEC delays spot Bitcoin ETF decision for BlackRock, Invesco and BitwiseInvesco, Bitwise and Valkyrie were also hit with delays by the U.S. Securities and Exchange Commission.1646 Total views8 Tot
Japanese public firm Metaplanet buys another $2.5M of Bitcoin
Helen Partz14 hours agoJapanese public firm Metaplanet buys another $2.5M of BitcoinAfter completing the latest purchase, Metaplanet holds 203,734 BTC bought at an average price of around $62,000 per coin.2098 Total view
Davos 2023: WEF Unveils Global Collaboration Village Metaverse Platform
Davos 2023: WEF Unveils Global Collaboration Village Metaverse Platform The World Economic Forum (WEF) has announced the rollout of the Global Collaboration Village, its own metave
Bitcoin Hashrate Briefly Slips Below 200 EH/S During Market Rout, Less Than 100K Blocks Left Until the Halving
Bitcoin Hashrate Briefly Slips Below 200 EH/S During Market Rout, Less Than 100K Blocks Left Until the Halving After reaching an all-time high on June 8, Bitcoin’s hashrate
NFTICALLY Announces COMEARTH, the Leading E-Commerce Metaverse Ecosystem
NFTICALLY Announces COMEARTH, the Leading E-Commerce Metaverse Ecosystem sponsored NFTICALLY, a Web3 E-Commerce SaaS platform that powers over 9,000 NFT Marketplaces & Storefronts g
Fraudsters Offer Russians Bogus Chance to Invest in Fake ‘State Cryptocurrency’
Fraudsters Offer Russians Bogus Chance to Invest in Fake ‘State Cryptocurrency’ Internet users in Russia have been targeted in an email campaign advertising the launch of an al
Popular Browsers Like Google Fail to Catch Copycat Crypto Sites, Scams Make the Top Results
Popular Browsers Like Google Fail to Catch Copycat Crypto Sites, Scams Make the Top Results As the digital asset economy grows popular and a number of crypto com