Binance, the world’s largest cryptocurrency exchange, has intervened decisively following a major cyberattack on Turkey’s leading exchange, BtcTurk. Reports indicate that hackers targeted BtcTurk’s hot wallets, resulting in the theft of approximately €51 million ($54 million) worth of digital assets, primarily Avalanche tokens.
In response to suspicious transactions involving Avalanche tokens, Binance took swift action to freeze over $5.3 million in stolen funds linked to the cyberattack. This proactive measure aims to prevent further unauthorized transfers and secure the affected funds.
Richard Teng, CEO of Binance, affirmed their commitment to assisting BtcTurk in investigating the breach. He stated, “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.”
Blockchain analyst ZachXBT conducted an analysis revealing that the stolen Avalanche tokens were swiftly transferred to various exchanges, including Binance and Coinbase, using the THORChain protocol. The funds were then converted into Bitcoin and split between two separate wallets. These transactions coincided closely with BtcTurk’s public disclosure of the cyberattack.
The incident has had significant repercussions in the cryptocurrency market, with Avalanche experiencing a temporary 10% decline in value immediately following the attack. However, the token has since recovered approximately 5% from its lowest point.
This cyberattack underscores ongoing challenges within the cryptocurrency sector, particularly concerning security vulnerabilities and the prevalence of cyber threats targeting exchanges worldwide.
