💥👉 Hacker Strikes BTCTurk Exchange, $48M Lost in Multi-Chain Hot Wallet Attack!

The Turkish crypto exchange BTCTurk recently suffered a massive hot wallet hack, with estimated losses hitting a staggering $48 million. The attacker exploited vulnerabilities across multiple chains, including Ethereum, Avalanche, Arbitrum, Base, OP, Mantle, and Polygon.

🚨 Cyvers Alerts first raised the alarm after spotting suspicious withdrawals flooding the exchange’s hot wallet. Despite BTCTurk pausing deposits and withdrawals, the hacker maintained full control, continuously moving stolen tokens across wallets and chains.

The attacker’s strategy included swapping various tokens on decentralized exchanges like PancakeSwap and leveraging MetaMask’s fast, high-fee swaps to convert minor tokens into Ethereum, consolidating their loot swiftly. The hack remains active, with funds flowing into wallets on Ethereum and Solana networks.

BTCTurk, a relatively low-trust exchange handling around $300M in volume—mostly trading against the Turkish lira—now faces severe scrutiny over its security. The attack highlights how centralized exchanges, despite often having better defenses than DeFi projects, can still fall victim to sophisticated multi-chain exploits.

Interestingly, the hacker attempted to launder funds by moving assets through multiple wallets, including some with meme tokens and stablecoins. The Solana wallet involved, only 56 days old, showed suspicious activity moving funds to an intermediary tagged “PNUT Whale.”

ETH comprises the majority of stolen assets—over $34M split between two Ethereum wallets. Minor tokens and Layer 2 assets were quickly swapped into ETH, signaling an attempt to cash out efficiently.

This attack comes amid a recent spike in crypto hacks, emphasizing the critical need for security vigilance when trading on centralized platforms.

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