BtcTurk has suspended cryptocurrency withdrawals after detecting an attack that resulted in more than 48 million USD being withdrawn from the hot wallet, while hackers continuously transferred and 'washed' this money across multiple blockchains.
This prominent incident continues to raise concerns about the security level of hot wallets at cryptocurrency exchanges, as hackers act swiftly to launder assets and the response measures are still being urgently implemented by BtcTurk.
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BtcTurk suffered a loss of more than 48 million USD after the hot wallet attack, forcing the suspension of cryptocurrency deposits/withdrawals.
Hackers quickly transferred assets to multiple major blockchains to exchange for Ethereum.
This event highlights significant potential risks related to the security of hot wallets on exchanges.
What is BtcTurk?
BtcTurk is one of the leading cryptocurrency exchanges in Turkey, serving millions of users in the region and internationally.
Founded in 2013, BtcTurk provides cryptocurrency trading functionality, asset storage, and conversion between fiat and digital assets. It is one of the largest exchanges in Turkey and regularly ranks among the top platforms with high trading volumes in the region, playing an important role in promoting the cryptocurrency market in the Middle East and Europe.
BtcTurk's reputation was once bolstered by its secure cold wallet system; however, recent attack events have severely impacted its image and community trust.
Why did BtcTurk have to temporarily suspend cryptocurrency deposits and withdrawals?
BtcTurk suspended all cryptocurrency deposits and withdrawals after detecting unusual activity in the hot wallet on August 14, 2025.
Initially, the exchange announced that this was just a technical issue and would be resolved soon. However, upon deeper analysis, BtcTurk realized that it was a serious cyberattack directly affecting the hot wallet storing assets used in daily transactions. The suspension is a necessary measure to prevent widespread losses.
“During the inspection on August 14, 2025, we detected unusual activity in the hot wallet. As a precaution, cryptocurrency deposits and withdrawals have been temporarily halted.”
BtcTurk, official announcement on 14/8/2025
This move aims to ensure that unaffected assets remain in the system, allowing technicians and functional parties time to check and investigate, while also providing transparency to the community.
What is the damage BtcTurk has suffered from this hack?
The estimated asset loss after the incident is at least 48 million USD, while analyses from CertiK recorded the figure could approach 50 million USD.
Reports from on-chain data tracking unit Lookonchain recorded 23 million USD of assets that had been transferred, while many transactions continued to appear afterward, causing total damage to increase rapidly. Both Cyvers and CertiK confirmed that most of these assets came from major blockchains such as Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon.
Notably, this is not the first time BtcTurk has encountered a major incident: in 2024, the exchange lost approximately 55 million USD in a similar hack, raising questions about internal security capabilities.
How were the stolen assets handled?
After the attack, hackers quickly transferred money across multiple wallets and exchanged it for Ethereum, increasing the ability to hide financial traces.
Notably, the transactions were conducted via MetaMask, demonstrating the hacker's proficiency and proactivity in utilizing DeFi tools and multi-chain swapping. This ETH was further distributed across multiple addresses to mitigate the risk of tracing and blocking.
“The attacker started swapping the loot for Ethereum [ETH] across multiple chains. For now, users are left watching their funds get rerouted, while BtcTurk scrambles to contain the damage.”
Quick assessment from AMB Crypto, August 14, 2025
Controlling and tracing assets becomes difficult when hackers take sophisticated steps to launder assets, leveraging the decentralized nature and the ability to 'mix' coins on swap-enabled blockchains.
What was the response from BtcTurk and authorities?
BtcTurk confirmed the breach and announced that it has deployed a security team to coordinate with authorities, launching a comprehensive investigation into the incident.
Although cryptocurrency deposits and withdrawals have been temporarily halted, fiat currency transactions and trading orders continue to operate normally, indicating that the impact is limited to hot wallets related to digital assets.
“BtcTurk immediately reported the incident to the authorities, initiated an investigation, and increased monitoring of all unusual transactions after the incident.”
Internal press release from BtcTurk, 14/8/2025
Urgent measures were taken to reflect the entire system, coordinating on-chain transaction audit units and collaborating with major partners to increase the chances of recovering some assets.
What makes hot wallets a significant weakness in exchange security?
The incidents at BtcTurk reaffirm that hot wallets are the most exploitable link in any centralized cryptocurrency exchange system.
Hot wallets are used to ensure fast, continuous transactions between investors but face the risk of attack when managing, storing, or protecting private keys inadequately. According to Cyvers, all suspicious movements originate from hot wallets when hackers can access the system, manipulating transactions in a short time.
“Hot wallets are a top attack target because they require continuous access with multiple layers of security, creating a blind spot in the overall system.”
According to Cyvers, the 2025 Blockchain Security Analysis Report
A heavy reliance on hot wallets facilitates liquidity but simultaneously increases opportunities for unauthorized access, diminishing trust levels as major incident chains repeat continuously in the industry.
How were users and the market affected after BtcTurk was attacked?
Immediately after the incident, millions of customers were unable to withdraw or deposit electronic assets, causing panic and reducing trust in the system.
This reaction brought about consequences: many customers chose to withdraw all their assets after the service resumed, cryptocurrencies related to BtcTurk tended to fluctuate in price, and the level of FUD increased in the Vietnamese, Turkish, and European-Middle Eastern communities. Trust in the commitment to cold wallets still cannot alleviate concerns as large losses continue to occur.
In fact, experienced traders tend to spread their assets across multiple wallets and prioritize using cold wallets for larger amounts to minimize the risk of being targeted by hackers on centralized exchanges.
Comparison between the security of hot wallets and cold wallets in cryptocurrency exchanges
Hot and cold wallets are both popular options for investors and exchanges, but the level of safety and the risks involved differ significantly.
Criteria Hot wallet Cold wallet Transaction capability Fast, flexible Slow due to offline Security level Lower, easy to attack remotely High, resistant to online attacks Utility for exchanges Maintains instant liquidity Safely stores assets long-term Recovery capability when hacked Difficult to recover assets Easy to investigate, trace if managed well
Thus, most safety experts recommend keeping only a moderate amount of assets in hot wallets, while the rest should be stored in cold wallets with a backup system, offline, and multi-layered distribution to minimize risks from cyberattacks or insider threats.
What does BtcTurk's attack reveal about global cryptocurrency market security trends?
This incident reflects the reality that more and more exchanges must enhance monitoring and update security technology as the number of attacks targeting hot wallets has significantly increased globally since early 2024.
Major platforms like Binance and Coinbase have continuously announced security audits, updated cold wallet systems, implemented multi-layer authentication (MFA), warned of risks in internal transactions, and especially called on the community to equip themselves with basic knowledge about safety when investing.
“Hot wallets remain a weak link, as recent incidents have revealed the need for robust multi-layered security strategies across the industry.”
CertiK, Blockchain Industry Security Report Q3/2025
Just a small vulnerability can cause hackers to inflict tens of millions of USD in damage to the entire system in just minutes. Therefore, both individuals and organizations need to implement proactive risk management and continuously update the latest preventive solutions.
Frequently Asked Questions
When did BtcTurk get hacked?
The incident was detected on August 14, 2025, according to Vietnamese time, when BtcTurk recorded unusual activity in the hot wallet system.
What is the total value of assets lost after the attack?
More than 48 million USD was taken from the hot wallet, according to statistics from CertiK and reputable blockchain analysis companies.
Did BtcTurk stop all trading activities after the incident?
BtcTurk has only temporarily suspended cryptocurrency deposits/withdrawals; fiat transactions and trading on the platform are still functioning normally.
What are the reasons hackers can easily attack hot wallets?
Hot wallets require continuous internet connectivity to facilitate fast transactions, making them susceptible to attacks if private keys are exposed or if there are security vulnerabilities in the system.
After the incident, are users' assets on BtcTurk safe?
BtcTurk confirmed that cold wallets remain safe, but users should remain vigilant, frequently check their accounts, and update notifications from the exchange.
Are there any measures to help mitigate losses when an exchange is hacked?
Always prioritize storing a large amount of assets on personal cold wallets rather than keeping everything on centralized exchanges.
How are other exchanges responding to similar risks?
Many exchanges have upgraded their security layers, integrated multi-factor authentication, and conducted regular security audits to minimize the risk of hackers exploiting weaknesses in hot wallets.
Source: https://tintucbitcoin.com/btcturk-ngung-rut-sau-vu-hack-48-trieu/
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