- Binance has taken immediate action by freezing stolen assets that passed via its exchange.
- BtcTurk has launched an exhaustive investigation into the $54 million hack.
Following the latest hack on BtcTurk, Binance CEO Richard Teng has reiterated the exchange’s resolve to increase security and safeguard user funds. Binance has taken immediate action by freezing stolen assets that passed via its centralized exchange.
This shows that they are trying to help impacted users as much as possible. The statement by Teng highlights Binance’s determination to protect the crypto ecosystem in the face of ever-changing cybersecurity threats.
Announcing Binance’s involvement in supporting BtcTurk’s investigation into a recent security issue, Binance’s CEO went to X. As an example of its determination to fight illegal activity in the cryptocurrency field, the crypto giant has already frozen more than $5.3 million in stolen funds that went via its platform.
Users Funds Safe
Quickly after the hack, BtcTurk stopped processing any crypto deposits or withdrawals. The exchange’s hot wallets were the targets of the hackers, who gained access to 10 different cryptocurrencies’ balances. Nevertheless, representatives from BtcTurk have promised customers that the hack would not impact most assets since they are kept in cold wallets.
Although the hot wallets were hacked. BtcTurk stressed that their cold wallets were unaffected and held the majority of their cryptocurrency. To further reassure users that their funds are safe from any possible losses. The exchange has emphasised that its financial reserves are beyond the affected sums.
In response, BtcTurk has launched an exhaustive investigation into the $54 million hack and is working closely with the proper authorities to resolve the issue and avoid a repeat.
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