Binance has taken swift action to freeze over $5.3 million in stolen funds linked to the recent BtcTurk cyberattack. This move demonstrates the exchange’s commitment to safeguarding the integrity of the crypto ecosystem and protecting user funds. Binance CEO Richard Teng reaffirmed the exchange’s proactive stance in combating illicit activities and enhancing security measures.

Binance’s Support for BtcTurk

Binance has actively assisted BtcTurk in investigating the security breach. The exchange has frozen stolen funds that transited through its platform, showcasing its commitment to combating illicit activities in the cryptocurrency space. BtcTurk halted all cryptocurrency deposits and withdrawals in response to the attack, but officials reassured users that the majority of assets remain unaffected.

Turkey’s Tax Reform

Turkey is planning a significant overhaul of its tax system. The proposed measures aim to boost state revenue by 226 billion liras, equivalent to approximately $7 billion or 0.7% of Turkey’s GDP. This reform is projected to be the most comprehensive revision of Turkey’s tax code since the aftermath of the 1999 earthquake. The government considers this substantial revenue increase vital for reinvigorating the nation’s economic recovery.