Binance CEO Richard Teng says the world’s largest crypto exchange is helping investigate the hacked Turkish cryptocurrency market BtcTurk.
In a post on social media platform X, Teng said say that Binance is assisting BtcTurk in the investigation and has frozen over $5.3 million worth of stolen crypto assets to date.
“Our research and security teams are working around the clock as part of our proactive efforts to protect the ecosystem from bad actors. We will provide further updates as relevant.”
BtcTurk, one of Turkey’s largest crypto exchanges, says it detected the cyber attack on its platform on June 22.
In a statement, the exchange said the security breach affected the hot wallets of 10 cryptocurrencies, but that the cold wallets holding the most assets are safe.
BtcTurk say it halts deposits and withdrawals until the investigation is completed, but assures customers that their funds will remain intact.
“BtcTurk’s financial strength is well in excess of the amounts affected by this attack, and users’ assets will not be affected by these losses. Our teams are conducting detailed research on this topic. At the same time, the official authorities were contacted.”
Pseudonymous on-chain researcher ZachXBT say the suspected perpetrator has moved $54.2 million to Avalanche (AVAX) and then withdrew more than $46 million worth of Bitcoin (BTC) from Coinbase and Binance.
“I did a timing analysis and found very likely BTC withdrawals made shortly after the AVAX deposits at both Coinbase and Binance.
587.75 BTC ($38.1 million) was withdrawn from Coinbase to: bc1q7pkc7h8td55s4em7tmlvd42wahjd4hm8lf035n
122.66 BTC ($7.95 million) was withdrawn from Binance to: bc1qezradgkklz3gczk9jjzn922ye7pgj4yd9pnupv.”
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