Ethereum News Today: BtcTurk's Hot Wallet Breach Sparks $48M Crypto Heist Mystery

BtcTurk, one of Turkey’s largest cryptocurrency exchanges, has temporarily suspended cryptocurrency deposits and withdrawals after detecting unusual activity in its hot wallets, potentially involving the theft of approximately $48 million in digital assets. The incident was reported by cybersecurity firm Cyvers, which identified irregular transactions across multiple blockchain networks, including Ethereum (ETH), Avalanche (AVAX), Arbitrum (ARB), Base (BASE), Optimism (OP), Mantle (MANTLE), and Polygon (MATIC). These transactions, according to Cyvers, indicate a coordinated exploit rather than routine operational activity [1].

According to the exchange, the unusual activity was first detected on August 14, 2025, prompting BtcTurk to take immediate action by halting withdrawals and deposits as a precautionary measure. The exchange emphasized that trading and fiat currency deposits and withdrawals continued to operate normally. BtcTurk also confirmed that the majority of its funds are stored in cold wallets, which are not connected to the internet and are thus less vulnerable to hacking attempts. The exchange assured users that their assets remain secure and are unaffected by the incident [1].

Cyvers reported that the attacker had moved the stolen funds to two primary addresses and had begun swapping them for Ether (ETH), a trend also confirmed by blockchain analysis platforms such as Lookonchain and CertiK. Lookonchain estimated the stolen assets at $23 million, while CertiK placed the figure at $50 million. The attacker has already initiated a series of transactions using Ethereum addresses, with some of the most recent swaps involving MetaMask Swaps, according to Etherscan data [1].

The incident marks a significant setback for BtcTurk, which had previously faced a similar breach in June 2024. At that time, the exchange reported unauthorized withdrawals from its hot wallets, resulting in losses of around $55 million. In response to that breach, Binance CEO Richard Teng stated that the company had frozen over $5.3 million in stolen assets and was cooperating with the investigation. The latest incident, occurring just over a year after the previous breach, has raised concerns about the ongoing vulnerabilities faced by crypto exchanges despite increased security measures [1].

This latest breach is part of a broader trend of rising cyberattacks in the cryptocurrency space. According to reports, crypto investors have lost $3.1 billion to hacks and scams in the first half of 2025 alone. The most significant of these was the $1.46 billion breach of rival exchange Bybit, underscoring the growing risks in the industry. BtcTurk has reportedly engaged with blockchain security firms and law enforcement to investigate the incident and mitigate further losses. The exchange has not yet provided an estimated timeline for when deposit and withdrawal services will resume [1].

Source: [1] BtcTurk halts withdrawals amid suspected $48M crypto hack (https://cointelegraph.com/news/btcturk-withdrawal-halt-hack-report) [2] Crypto Exchange BtcTurk Experiences $48M Worth of ... (https://www.coindesk.com/business/2025/08/14/turkish-crypto-exchange-btcturk-witnesses-usd48m-of-suspicious-outflows-amid-hack-fears)