Binance Freezes $5.3M in Stolen Funds After Cyber Attack Hits Turkish Crypto Exchange BtcTurk

Cryptocurrency exchange Binance is helping to investigate a cyber attack against Turkish crypto exchange BtcTurk. Binance CEO Richard Teng announced that over $5 million in stolen funds have been frozen.

Turkish cryptocurrency exchange BtcTurk is investigating a cyber attack that affected its hot wallets on June 21. According to BtcTurk, the attack primarily impacted holdings in these internet-connected wallets, while the majority of assets in their cold wallets remain secure.

Among the crypto assets affected by the BtcTurk hack are bitcoin (BTC), dogecoin (DOGE), shiba inu (SHIB), binance coin (BNB), tether (USDT), USD coin (USDC), XRP, and others. The exchange stated that only a portion of the balances of 10 cryptocurrencies in their hot wallets were affected.

“A cyber attack has occurred that affected the exchange’s hot wallets. The relevant teams have begun working on the issue,” BtcTurk said in a statement on June 22.

“Only a portion of the balances of 10 cryptocurrencies in the exchange’s hot wallets were affected. The majority of the assets in the exchange’s cold wallets are secure.”

Binance Assisting BtcTurk Investigations, Over $5.3M Frozen.

Meanwhile, cryptocurrency exchange Binance is assisting BtcTurk with the investigations and has already frozen over $5.3 million in stolen funds. Binance CEO Richard Teng announced the development in a post on X.

“Binance is assisting BtcTurk with investigations and have frozen over $5.3M in stolen funds so far,” he wrote.

Teng added that Binance’s teams are working continuously on this issue.

“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 said.

Blockchain investigator ZackXBT also commended Binance’s efforts. In a June 22 post, ZackXBT noted,

“Binance gets crucified by the media when in reality their security team generally does more for victims + goes out of their way to assist in incident response.”

BtcTurk’s CEO Özgür Güneri has not yet made a public comment about the incident.

The BtcTurk exchange, which has over five million users, is yet to reveal the nature of the cyber attack or the total amount of cryptocurrency stolen from its hot wallets. However, blockchain sleuths are already tracking the movement of the stolen crypto assets.

According to blockchain investigator ErlendFM, the stolen funds are being laundered through decentralized exchanges (DEXs) and mixers. Notably, a portion of the stolen crypto assets appears to have been funneled into Tornado Cash, a privacy protocol that allows users to conceal their crypto transactions on the Ethereum blockchain.

“Looks likeの一部がトルネードキャッシュへ入っている様子。一部はDEXやミキサーを経由して資金洗浄されているようです。,” ErlendFM said in a June 22 tweet.

“一部の資金はDEXを経由して資金洗浄されているようです。トルネードキャッシュへの資金移動も見受けられます。,” the investigator added in another tweet.

As CoinChapter previously reported, several cryptocurrency exchanges have been targeted by cyber attacks in recent months. In April, Japanese crypto exchange Liquid was hacked, resulting in the theft of over $90 million in crypto assets. Moreover, a May cyber attack on the Switzerland-based Lykke exchange led to losses of around $19.5 million.

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