Key Takeaways:

Binance is aiding in the investigation of a $5 million attack on BtcTurk, with $5.3 million in stolen funds frozen.
The attack targeted BtcTurk’s hot wallets, while the majority of assets in cold storage remain secure.
Binance has been praised for its proactive security efforts in assisting with the investigation.

Binance is assisting in investigating a malicious attack on the Turkish crypto exchange BtcTurk, where over $5 million in stolen funds have been frozen.

Binance CEO Richard Teng announced on June 22 that Binance is helping with the investigation and has already frozen $5.3 million in stolen funds.

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. We will provide further updates as relevant. https://t.co/8j6uMgOPm6
— Richard Teng (@_RichardTeng) June 22, 2024

The attack primarily affected BtcTurk’s hot wallets, which are more vulnerable to hacking compared to cold storage.

BtcTurk confirmed that only a portion of 10 cryptocurrencies held in hot wallets was impacted, and the majority of assets in cold wallets remain secure.

Binance freezes $5 million in funds looted from BtcTurk after alleged $54 million hack of Turkish exchange https://t.co/NMJPPg95YG
— The Block (@TheBlock__) June 22, 2024

Binance plans to provide further updates as the investigation progresses.

Binance has received praise for its security efforts, with blockchain investigator ZachXBT commending Binance for its proactive measures to assist victims of security incidents.

.@Binance Helps #Btcturk With Hack Investigations — Freezes Over $5.3M in Stolen Funds @_RichardTeng https://t.co/mRrUya9gQv
— Bitcoin.com News (@BTCTN) June 23, 2024

The attack on BtcTurk follows a recent incident where Switzerland-based crypto exchange Lykke halted withdrawals after losing $19.5 million in an exploit.