Binance Halts $5 Million in Funds Linked to Turkish Exchange’s $54 Million Cyberattack
Binance, the world’s largest cryptocurrency exchange, has taken action to halt funds linked to a major cyberattack on Turkish exchange BtcTurk.
The attack targeted ten of BtcTurk’s hot wallets after reports of suspicious transfers involving Avalanche tokens emerged on Saturday.
In a blog post, BtcTurk assured users that its cold wallets, which hold the majority of its assets, remain secure, and the company remains financially stable.
Richard Teng, CEO of Binance, confirmed that his company is assisting BtcTurk in investigating the incident.
As part of their efforts, Binance has frozen over $5.3 million in stolen funds, effectively preventing further unauthorized transfers.
“Our investigations & security teams work around the clock as part of our proactive efforts to protect the ecosystem from bad actors. We will provide further updates as relevant,” Teng wrote on X.
Binance is assisting BtcTurk with investigations and have frozen over $5.3M in stolen funds so far.
Our investigations & security teams work around the clock as part of our proactive efforts to protect the ecosystem from bad actors. We will provide further updates as relevant. https://t.co/8j6uMgOPm6
— Richard Teng (@_RichardTeng) June 22, 2024
Blockchain investigator ZachXBT conducted a timing analysis and concluded that approximately $54 million worth of Avalanche tokens were likely connected to the cyberattack.
The funds were transferred to various exchanges, including Binance and Coinbase, using the THORChain protocol.
Subsequently, the stolen funds were converted into Bitcoin and moved to two separate wallets. These large transactions coincided with the public disclosure of the attack by BtcTurk.
Adding weight to the connection between BtcTurk and the Avalanche
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