Binance’s CEO, Richard Teng, announced that the world’s largest cryptocurrency exchange is actively involved in the investigation of the recent hack at the Turkish cryptocurrency market, BtcTurk.
In a post on the social media platform X, Teng stated that Binance is collaborating with BtcTurk in the investigation and has frozen over $5.3 million worth of stolen crypto assets as part of their proactive efforts to protect the ecosystem from malicious actors.
BtcTurk, one of Turkey’s leading cryptocurrency exchanges, reported a cyber attack on its platform on June 22nd. According to the exchange, the security breach impacted the hot wallets of 10 cryptocurrencies, but the majority of the assets in cold wallets remain secure.
As a precautionary measure, BtcTurk has suspended deposits and withdrawals until the investigation is concluded, assuring customers that their funds will not be affected by the attack due to the exchange’s financial stability. The exchange’s team is conducting a thorough investigation, and relevant authorities have been notified.
A pseudonymous on-chain investigator, ZachXBT, revealed that the suspected perpetrator moved $54.2 million worth of Avalanche (AVAX) and subsequently withdrew over $46 million worth of Bitcoin (BTC) from Coinbase and Binance. ZachXBT conducted a timing analysis, which indicated highly probable BTC withdrawals shortly after AVAX deposits at both Coinbase and Binance.
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