According to Binance CEO Richard Teng, Binance is supporting the investigation into the malevolent attack on the Turkish cryptocurrency exchange BtcTurk.

According to Binance CEO Richard Teng, the cryptocurrency exchange Binance is reportedly helping with the investigation of a hostile hack against Turkish cryptocurrency exchange BtcTurk, with over $5 million in stolen cash already blocked.

Teng stated in a June 22 X post, “Binance is helping BtcTurk with investigations and has frozen over $5.3M in stolen funds so far.”

According to its website, BtcTurk, which claims to have over 5 million customers, the hack mostly impacted holdings in hot wallets, which are software-based cryptocurrency wallets connected to the internet. Compared to offline cold storage, hot wallets are more susceptible to hostile hackers, although they are more efficient for frequent transactions.

A Google translation of BtcTurk’s June 22 statement stated, “Only a portion of the balances of 10 cryptocurrencies in our hot wallets were affected by this cyber attack, while the majority of assets held in our cold wallets remain secure.”

Teng, meanwhile, told his 299,800 X followers that as soon as Binance’s investigative team obtains any information, it will release any updates.

Our security and investigation teams are always on duty as part of our proactive measures to keep bad actors out of the ecosystem. As further information becomes available, we’ll update you,” Teng said.

As dishonest individuals persist in targeting cryptocurrency exchanges, Binance is praised

This comes after Binance was commended by Blockchain investigator ZackXBT for its efforts to assist the larger community amid security incidents.

ZachXBT wrote on June 22 in an X post, “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 CEO of BtcTurk, Özgür Güneri, has not yet addressed the issue in public on X.

It happened just a few days after Lykke, a cryptocurrency exchange based in Switzerland, stopped accepting withdrawals due to an exploit on June 4.

With the statement, “@lykke CTX got exploited and lost $19.5 million worth of crypto assets but the team is still trying to hide this fact,” blockchain security expert SomaXBT charged that the group was attempting to conceal the security breach.

After contacting BtcTurk for comment, Cointelegraph did not hear back at the time of writing.