Turkish cryptocurrency exchange Btcturk faced a significant cyber attack recently, resulting in unauthorized withdrawals from its platform. In response, Binance, one of the world’s largest crypto exchanges, has stepped in to assist with the investigation and has already frozen more than $5.3 million worth of stolen funds, according to disclosures from Binance CEO Richard Teng.
The incident, detected on June 22, 2024, primarily targeted Btcturk’s hot wallets, prompting the exchange to immediately suspend crypto deposits and withdrawals as a precautionary measure. Btcturk assured users that despite the breach affecting portions of the balances of 10 cryptocurrencies stored in hot wallets, the majority of assets in cold storage remain secure. The exchange emphasized its financial robustness, reassuring users that their assets are safeguarded beyond the compromised amounts.
Btcturk stated, “Detailed investigations are ongoing, and official authorities have been contacted.” It further announced plans to gradually restore affected cryptocurrency operations as cybersecurity teams complete thorough reviews.
In a positive development, Btcturk updated on Sunday that it has reopened deposits and withdrawals for all ERC20 cryptocurrencies on the ERC20 network, indicating progress in their recovery efforts.
Binance’s proactive involvement underscores its commitment to industry security and cooperation in combating cyber threats within the crypto ecosystem. The collaboration between Binance and Btcturk reflects a broader effort in the crypto community to enhance security measures and protect user funds amidst evolving cyber risks.
