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Home»ADOPTION NEWS»Binance has frozen $5 million in funds looted from BtcTurk following the alleged $54 million hack of the Turkish exchange.
ADOPTION NEWS

Binance has frozen $5 million in funds looted from BtcTurk following the alleged $54 million hack of the Turkish exchange.

By Crypto FlexsJune 22, 20242 Mins Read
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Binance has frozen  million in funds looted from BtcTurk following the alleged  million hack of the Turkish exchange.
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Security • June 22, 2024 2:42 PM EDT

Posted 1 minute ago In ~

Turkish cryptocurrency exchange BtcTurk announced that a cyberattack affected cryptocurrencies stored in 10 hot wallets after suspicious transactions were reported. avalanche Avex

-6.81%
Tokens on Saturday. The exchange stated that the cold wallet containing most of the assets remains safe and the company’s solvency is still maintained. presentation.

Binance CEO Richard Teng announced at

Blockchain detective ZachXBT said timing analysis showed that suspicious transfers of approximately $54 million in Avalanche tokens were likely linked to the attack. The funds were transferred to exchanges such as Binance and Coinbase using THORChain and then withdrawn to two separate wallets in Bitcoin in a large transaction that occurred almost simultaneously with the disclosure of BtcTurk’s attack, ZachXBT noted.

Additionally, the Avalanche wallet involved was previously identified by blockchain researchers as belonging to a Turkish cryptocurrency exchange, lending credibility to the link between BtcTurk and Avalanche transfers.

Zach Sportsbet could not immediately be reached for comment by The Block, but a message on Sportsbet’s homepage reads under the heading “Cashier Maintenance” that “trading on the BTC and BSC networks, as well as gameplay with BTC and BNB, are currently unavailable.” A message appears. ”

Avalanche prices fell about 10% after the move, but have since recovered 5% from Saturday’s low, according to The Block’s Avalanche pricing page.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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