Binance CEO Assists BtcTurk in Cyber Attack Investigation, Freezes $5.3M in Stolen Funds

  • On June 22, the local cryptocurrency exchange BtcTurk faced a significant cyberattack.
  • Binance CEO Richard Teng commented on the incident, noting that efforts are being made to investigate the breach.
  • In his statement on social media platform X, Teng revealed that over $5.3 million in stolen crypto assets had been frozen.

Discover the latest developments in the BtcTurk cyberattack, including Binance’s role in freezing stolen funds and the resumption of ERC-20 withdrawals.

Binance CEO Richard Teng’s Response to BtcTurk Cyberattack

Following the cyberattack on BtcTurk on June 22, Binance CEO Richard Teng has assured the community of ongoing investigative efforts. In a social media post, Teng stated that Binance’s security teams are working tirelessly to support BtcTurk in this difficult time. Significantly, Teng mentioned that over $5.3 million in stolen funds have already been frozen, highlighting Binance’s proactive stance in safeguarding the crypto ecosystem.

Details of the Attack and BtcTurk’s Response

BtcTurk promptly addressed the cyberattack in a statement, emphasizing that only a portion of their hot wallet balances had been compromised. The majority of the exchange’s assets remained secure in cold wallets. This strategic split in asset storage is part of standard security protocols designed to minimize potential losses in the event of such attacks.

Resumption of ERC-20 Withdrawals on BtcTurk

In a more recent announcement, BtcTurk has revealed that ERC-20 cryptocurrency withdrawal services have been reactivated. According to their latest statement made at 08:06 AM local time, BtcTurk officials confirmed that the withdrawal functionality for ERC-20 tokens is now operational again, marking an important step in restoring full service to its users. The resumption follows extensive security reviews and collaboration with relevant stakeholders to ensure a safe operational environment.

Ongoing Security Measures and Future Updates

BtcTurk continues to work closely with their internal teams and external partners to fully address the implications of the cyberattack. The exchange has indicated that further updates will be issued as the security teams complete thorough investigations. This approach aims to systematically restore all impacted services while ensuring maximal security.

Conclusion

The swift actions by Binance and BtcTurk underscore the cryptocurrency industry’s commitment to security and user protection. As the investigations proceed and additional funds are potentially recovered, it is crucial for users to stay updated through official channels. This incident also serves as a reminder of the importance of robust security measures in the rapidly evolving crypto landscape.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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