A significant cybercrime incident has left over $5 million in stolen funds frozen as the result of a massive hack on Turkish exchange BtcTurk. The attack compromised ten hot wallets, resulting in the theft of approximately $54 million worth of Avalanche tokens. Binance, one of the leading cryptocurrency exchanges, acted swiftly to freeze these assets after their discovery. Binance CEO Richard Teng highlighted their commitment to safeguarding the platform’s ecosystem and noted their 24/7 efforts in combating malicious actors. Blockchain investigator ZachXBT believes the same hacker might be responsible for stealing nearly $3.5 million from online casino Sportsbet, further fueling concerns about growing cryptocurrency scams. These incidents highlight the vulnerability of exchanges to cyberattacks, emphasizing the need for heightened security measures and a proactive approach towards user protection.