Binance Assists BtcTurk in Investigating Cyber Attack
Binance is reportedly aiding BtcTurk in investigating a cyber attack that targeted the Turkish crypto exchange, resulting in over $5 million in stolen funds being frozen.
The attack primarily affected cryptocurrencies held in BtcTurk’s hot wallets, which are more vulnerable to hacking than offline storage methods.
Binance CEO Richard Teng announced on social media that they have frozen approximately $5.3 million of the stolen funds as part of their collaboration with BtcTurk.
The incident has impacted a portion of the balances in BtcTurk’s hot wallets, although the majority of assets stored in cold wallets remain secure.
BtcTurk, which serves more than five million users, disclosed the breach and assured users of ongoing efforts to mitigate the situation.
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In response to the attack, Binance has mobilized its security teams to assist in the investigation, aiming to protect the cryptocurrency ecosystem from further threats.
The collaboration between Binance and BtcTurk underscores ongoing concerns about cybersecurity within the crypto industry, especially regarding the vulnerability of online wallets to sophisticated cyber attacks.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
