📍 BtcTurk: $49M evaporated, trust as hot as the wallet

BtcTurk – one of the oldest exchanges in Turkey – has just confirmed that a hot wallet was drained of nearly $49M. PeckShield and Cyvers Alerts tracked that a large amount of AVAX, MATIC, OP, ETH, and many other tokens were consolidated into just 2 target wallets in a short period.

The exchange immediately disabled crypto deposit/withdrawal features to contain the damage, but still maintained trading in lira. This indicates that the issue lies in the layer of digital asset storage, not directly affecting the fiat system.

💭 In the world of CEX, a hot wallet is a double-edged sword: it serves fast liquidity but is also a critical vulnerability if security is not absolute. Once a vulnerability is exploited, not only does the money disappear, but trust is also lost – and trust cannot be replenished with just a few lines of code.