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Bitcoin:
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Binance Aids BtcTurk in Recovering Stolen Funds After Cyber Attack

Playdapp Hack

Investigating a recent cyber incident on Turkish cryptocurrency exchange BtcTurk is aggressively underlined by Binance. Binance CEO Richard Teng reports that over $5 million in pilfers have already been blocked. Teng said in a June 22 X post, “Binance is helping BtcTurk with investigations and have frozen over $5.3M in stolen funds so far.”

Affect on Hot wallets

With more than 5 million users, BtcTurk verified that the assault mostly targeted software-based crypto wallets linked to the internet, hot wallets. Though they enable regular transactions, hot wallets are more vulnerable to hacking than cold storage. “Only a portion of the balances of 10 cryptocurrencies in our hot wallets were affected by this cyber attack; most of assets held in our cold wallets remain safe,” BtcTurk said on June 22.

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Teng told his 299,800 X followers that security personnel and investigations by Binance are assiduously seeking further data. “As part of our proactive efforts to keep the ecosystem free from criminal actors, our investigations and security teams operate nonstop. As pertinent, we will provide further updates, Teng said. Blockchain investigator ZackXBT commended Binance for its actions, pointing out, “Binance gets crucified by the media when in reality their security team generally does more for victims + goes out of their way to assist in incident response.”

BtcTurk CEO Özgür Güneri has not yet said anything publicly on the topic.

Recent Crypto Exchange Security Events

This event followed a previous hack on June 4, wherein Lykke, a crypto exchange located in Switzerland, stopped withdrawals following a security compromise. “@lykke CTX got exploited and lost $19.5.5 million worth of crypto assets but the team is still trying to hide this fact,” blockchain security expert SomaXBT said accusing Lykke of trying to cover the vulnerability.

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