BtcTurk Faces $48 Million Loss Due to Hot Crypto wallet Breach
BtcTurk, one of the largest digital currency exchanges in Turkey, has experienced a exploit totaling $48 million, which specifically targeted its hot wallets. Initially, the firm halted crypto deposits and withdrawals, while fiat trading and lira transactions continued to operate normally. What began as an ambiguous “technical issue” soon turned out to be a far more critical situation. External analysts identified it as a multi-network attack that systematically drained assets.
Funds Were Transferred Across Various Blockchains
Independent monitoring firms reported that the stolen assets were rapidly dispersed across seven different blockchains, including Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon. The majority of the assets were consolidated in just two wallets, and the perpetrator wasted no time initiating the laundering of funds. They started swapping tokens to mask the origin, making it increasingly difficult to trace and retrieve the stolen money.
BtcTurk (@btcturk) was breached for over $23M!
The hacker is converting the stolen funds into $ETH.https://t.co/Qm5JBebK5p pic.twitter.com/ffvtD1Kp7G
— Lookonchain (@lookonchain) August 14, 2025
Cold Wallets Remained Secure, But Trust Wavered
BtcTurk was swift in assuring its customers that only hot wallets were compromised. They confirmed that the vast majority of funds are safely stored in cold wallets. Additionally, no personal user information was compromised. Nevertheless, the repercussions extend beyond financial wrecked. Many users are now questioning the overall safety of the platform and whether a similar incident could occur again.
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This Isn’t Their First Inconvenience
If this situation seems familiar, it’s because BtcTurk has undergone a similar breach before. In June 2024, a different hot crypto wallet compromise led to a loss of $55 million. That event triggered changes in leadership and raised concerns about the exchange’s internal protection measures. The recurrence of such an event just a year later prompts serious inquiries about what has actually changed since then.
A Concerning Trend That’s Hard to Overlook
This isn’t merely about a single exchange. The cryptocurrency sector has been plagued by a surge of hacks this summer. In July alone, approximately $142 million was taken from various platforms. With BtcTurk’s recent loss, the cumulative breaches this summer have surpassed $200 million. Centralized exchanges remain prime targets for hackers, and the methods employed by attackers are becoming increasingly sophisticated.
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What Users Should Learn From This
Hot wallets are designed for quick access and ease of use, but that convenience carries inherent risks. They remain online, rendering them susceptible to attacks. For users, this serves as yet another reminder to limit the amount of crypto asset held on exchanges and to be vigilant about the storage of their assets. It also emphasizes the need for platforms to be forthright regarding their safety protocols before issues arise.
Future Actions
The perpetrator’s wallets are under close observation by on-chain analysts; however, there’s no assurance
