Binance is assisting in investigating the malicious attack on Turkish crypto exchange BtcTurk, according to Binance CEO Richard Teng.
Cryptocurrency exchange Binance is allegedly assisting in investigating a malicious attack against Turkish crypto exchange BtcTurk, with over $5 million in stolen funds frozen at this stage, 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.
BtcTurk, with over 5 million users according to its website, stated that the attack primarily affected holdings in hot wallets — software-based crypto wallets linked to the internet. Hot wallets, although more efficient for frequent transactions, are more vulnerable to malicious hackers compared to offlcold storage.
