Binance is assisting in investigating the malicious attack on Turkish crypto exchange BtcTurk, according to Binance CEO Richard Teng.

Binance Assists BtcTurk in Investigating Cyber Attack

Binance CEO Richard Teng announced on June 22 that Binance is aiding Turkish crypto exchange BtcTurk in investigating a cyber attack. Over $5.3 million in stolen funds has been frozen by Binance so far, according to Teng.

The attack primarily targeted holdings in BtcTurk's hot wallets, which are software-based wallets connected to the internet. While hot wallets are convenient for frequent transactions, they are more susceptible to cyber attacks compared to offline cold storage.

BtcTurk's statement on June 22 reassured users that only a portion of the balances in its hot wallets were affected, with the majority of assets held in cold wallets remaining secure. The exchange boasts over five million users.

Binance's Proactive Efforts and Community Praise

Teng emphasized Binance's proactive efforts in protecting the cryptocurrency ecosystem from bad actors. Binance's investigations and security teams are working diligently on the matter, with updates to follow as more information becomes available.

Blockchain investigator ZackXBT praised Binance for its support to the broader community during security incidents. Despite sometimes facing criticism in the media, Binance's security team consistently assists victims and contributes to incident response efforts.

Recent Cybersecurity Incidents in the Crypto Industry

The incident involving BtcTurk comes shortly after Switzerland-based crypto exchange Lykke halted withdrawals due to a security exploit on June 4. Concerns were raised by blockchain security researcher SomaXBT, who accused Lykke of attempting to conceal the security breach.

As cybersecurity threats persist in the cryptocurrency industry, collaboration and support from exchanges like Binance are crucial in mitigating risks and safeguarding user funds.