Binance Freezes $5M Linked to Turkish Exchange Hack
On Saturday, BtcTurk, a Turkish cryptocurrency exchange, announced that a cyberattack had taken place affecting the cryptocurrency stored in ten of its hot wallets.
The attack was revealed after suspicious transfers of Avalanche tokens were reported. However, the exchange assured its customers that its cold wallets, where the majority of its assets are stored, remain secure and the company is still financially stable.
In order to assist with the investigation, the CEO of Binance, the world’s largest crypto exchange, announced that his company has frozen over $5.3 million in stolen funds so far.
This action was taken after blockchain sleuth, ZachXBT, conducted a timing analysis and concluded that about $54 million in Avalanche tokens were likely connected to the attack.
