Binance CEO Richard Teng has announced that the world’s largest cryptocurrency exchange is actively assisting BtcTurk, the Turkish cryptocurrency market that was recently hacked. In an update on the social media platform X, Teng revealed that Binance has already frozen over $5.3 million worth of the stolen crypto assets as part of their efforts to protect the ecosystem from malicious actors. Teng assured users that further updates will be provided as the investigation progresses.

The cyber attack on BtcTurk was discovered on June 22nd, according to the exchange. The breach affected the hot wallets of 10 different cryptocurrencies, but the majority of the assets stored in the cold wallets remain secure. As a precautionary measure, BtcTurk has temporarily suspended deposits and withdrawals until the investigation is concluded. However, the exchange has reassured its customers that their funds are safe and unaffected by the attack. BtcTurk also confirmed that they are cooperating with the relevant authorities throughout the process.

ZachXBT, an investigator who specializes in on-chain analysis, has identified the suspected perpetrator behind the hack. The individual allegedly moved approximately $54.2 million worth of Avalanche (AVAX) and subsequently withdrew over $46 million worth of Bitcoin (BTC) from Coinbase and Binance. ZachXBT conducted a timing analysis that revealed BTC withdrawals occurring shortly after AVAX deposits on both exchanges. Specifically, 587.75 BTC ($38.1 million) was withdrawn from Coinbase to the address bc1q7pkc7h8td55s4em7tmlvd42wahjd4hm8lf035n, while 122.66 BTC ($7.95 million) was withdrawn from Binance to the address bc1qezradgkklz3gczk9jjzn922ye7pgj4yd9pnupv.

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