Binance Freezes $5.3M of Stolen Funds Linked to BtcTurk Hack, Praised for Proactive Approach

BinanceCEO Richard Teng confirmed that the exchangeis actively assistinginvestigating the Btc Turkattack. As part of its efforts to secure the crypto ecosystem , Binance has frozen over $5 million in stolen funds .

Turkish cryptocurrency exchange BtcTurk suffered a cyberattack on June 22, leading to a loss of user funds and prompting swift action from Binance to freeze stolen funds. According to blockchain analyst ZachXBT, around 1.96 million AVAX tokens, valued at approximately $54 million , were suspiciously transferred following the BtcTurk hack. These funds were moved to exchanges like Binance and Coinbase through THORChain, ultimately being withdrawn as Bitcoin in large transactions. The AVAX tokens sharply declined by 10% after the incident, falling to $24.92. Binance CEO Richard Teng confirmed the exchange's involvement in assisting with the BtcTurk investigation and highlighted their efforts to safeguard the crypto ecosystem. "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." In a post on June 22, ZachXBT praised Binance for its role in supporting the crypto community during security incidents. "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." The BtcTurk hack is part of a rising trend of security breaches in the cryptocurrency sector. On the same day, CoinStats, a crypto portfolio management firm, had to temporarily suspend user activity due to a breach impacting 1,590 crypto wallets. Additionally, Defiance Capital's official social media account was compromised, leading to a fraudulent announcement regarding the launch of the DEFIANCE token. According to Crystal Intelligence, the cryptocurrency industry has experienced 785 hacks and exploits over the past 13 years, resulting in nearly $19 billion in stolen digital assets. The first known crypto hack occurred on June 19, 2011, marking the beginning of continuous security challenges in the industry.

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