$48M BtcTurk Hack: Key Details

BtcTurk, a leading Turkish crypto exchange, suffered a $48M theft from its hot wallets, according to blockchain security firm Cyvers.

The breach, detected on Aug. 14, prompted BtcTurk to suspend all crypto deposits and withdrawals, though trading and Turkish Lira transactions remain active.

Cyvers reports the hacker transferred stolen funds across Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon.

The majority of the assets were funneled into two addresses, where the hacker began converting them, primarily into Ether.

BtcTurk confirmed its cold wallets are secure, and user balances remain unaffected.

Authorities have been informed, and cybersecurity teams are actively addressing the breach.

This marks BtcTurk’s second attack in 2025, following a $55M hot wallet theft in June.

The incident adds to a wave of centralized exchange hacks this year, including Bybit’s $1.5B Ethereum loss.