In a recent security breach, Turkish cryptocurrency exchange BtcTurk fell victim to unauthorized access, compromising some of its hot wallets. Here are the details:

The Incident

On June 22, 2024, BtcTurk’s security team detected suspicious activity within their infrastructure. The breach targeted specific hot wallets, which store a portion of the exchange’s digital assets. Although the exact amount of funds affected remains undisclosed, BtcTurk assured users that their cold wallets (offline storage) remained secure.

Binance security measures

Binance Steps In

Binance, a major global exchange, swiftly intervened. They froze over $5.3 million in stolen funds linked to the BtcTurk cyberattack. Binance CEO Richard Teng confirmed this action, emphasizing collaborative efforts to mitigate losses and enhance security measures for cryptocurrency users.

Investigation and Recovery

Cryptocurrency investigator ZachXBT hinted at a potential link between the BtcTurk breach and a $54 million Avalanche (AVAX) transfer. Despite the setback, BtcTurk plans to gradually restore crypto deposit and withdrawal services once their cybersecurity measures are complete. User assets remain unaffected, as BtcTurk’s financial resilience surpasses the amount lost in the attack.

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