Cryptocurrency giant Binance has stepped in to assist in the investigation of a cyber attack targeting Turkish exchange BtcTurk, reportedly freezing over $5.3 million in stolen funds, according to Binance CEO Richard Teng.

In a recent statement on X, Teng confirmed Binance's proactive involvement in aiding BtcTurk following the malicious attack. The incident primarily impacted assets held in BtcTurk's hot wallets, which are online-based crypto storage solutions known for their convenience in facilitating quick transactions but are more susceptible to hacking compared to offline cold storage.

BtcTurk, which boasts a user base exceeding five million, acknowledged the breach through a statement on its website. The exchange assured users that while a portion of the balances in its hot wallets were compromised, the majority of assets stored in cold wallets remained secure.

Teng assured Binance's commitment to supporting BtcTurk throughout the investigation, emphasizing the continuous efforts of their security and investigative teams. He pledged to provide updates as more information becomes available, underscoring Binance's proactive stance in safeguarding the crypto ecosystem from malicious actors.

The swift action taken by Binance in freezing the stolen funds has garnered praise within the blockchain community. Notably, blockchain investigator ZackXBT lauded Binance for its proactive response and ongoing assistance to victims of such security incidents, contrasting the media's portrayal with the exchange's robust security efforts.

This incident adds to a series of recent cyber attacks targeting cryptocurrency exchanges globally. Just days ago, Switzerland-based Lykke temporarily halted withdrawals following an exploit, sparking accusations from blockchain security researchers about transparency regarding the extent of the security breach.

As the investigation into the BtcTurk attack continues, industry stakeholders remain vigilant, highlighting the critical importance of robust security measures and swift response protocols in mitigating risks associated with digital asset platforms.