The Binance team helped Turkish crypto exchange BtcTurk recover stolen funds.
BTCTurk is one of Turkey’s leading cryptocurrency exchanges, founded in 2013. It allows users to trade various cryptocurrencies, including Bitcoin and Ethereum. BTCTurk provides a secure platform for buying, selling and storing digital assets, and offers features such as advanced trading options and a mobile app for easy access. It is known for its robust security measures and user-friendly interface, suitable for both novice and experienced traders.
On June 22, 2024, the BtcTurk team stated that only a portion of the balances of 10 cryptocurrencies in their hot wallets were affected by the cyberattack, while the majority of assets in their cold wallets remained safe.
In the hacking incident, the hacker managed to drain nearly $54 million worth of crypto assets.
Crypto exchange Binance is assisting in the investigation into this cyber attack on the Turkish crypto exchange BtcTurk. At this stage, more than $5 million in stolen funds have been frozen.
That identified hacker tried to sell his crypto assets via shipment to the crypto exchange Binance, but the Binance team suddenly froze the funds.
Binance CEO Richard Teng stated that the Binance team will continuously support such investigations to combat bad actors. He also mentioned that updates on this will be provided as new developments occur.
Popular crypto detective ZachXBT praised the Binance team’s role in recovering this small amount and further criticized all KYC measures followed by the crypto exchange.
ZachXBT pointed out that KYC and compliance measures are generally ineffective against actual threats, whether on regulated or offshore exchanges. He noted that while exchanges are merely regulatory compliance, the real difference is in the teams they put together to deal with threats and take feedback seriously.
This crypto sleuth criticized some regulated exchanges for being disconnected from real issues. He used the example of a US exchange’s inability to freeze sanctioned funds while highlighting Binance’s proactive security efforts despite media criticism.
Three weeks ago, Switzerland-based crypto exchange Lykke was hit by a hacking attack and lost nearly $22 million in crypto assets.
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