BtcTurk hit by $48 million crypto theft from hot wallets

Turkish cryptocurrency exchange BtcTurk has confirmed a significant security breach in which approximately $48 million in digital assets were stolen from its hot wallets [1]. The incident, reported by blockchain security firm Cyvers on August 14, revealed that the stolen funds were moved across multiple blockchain networks, including Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon. The bulk of the assets were funneled into two specific addresses, where the attacker began actively swapping them [1].

In a public statement on X, BtcTurk confirmed that only its hot wallets were compromised, and that the firm had temporarily suspended cryptocurrency deposits and withdrawals as a precautionary measure. These services are expected to resume once the ongoing security investigation is complete. The exchange, which serves over five million users and is among the largest in Turkey, emphasized that the vast majority of user assets remain securely stored in cold wallets [1].

BtcTurk further assured users that trading operations and Turkish Lira transactions are proceeding as normal, and that customer holdings have not been impacted. The firm also stated that it has informed the relevant authorities and is collaborating closely with cybersecurity experts to reinforce its infrastructure and prevent future attacks [1].

This is the second major security incident for BtcTurk in recent years. Nearly a year ago, the exchange reported a similar attack in which its hot wallets were breached, resulting in losses of more than $55 million. At that time, BtcTurk clarified that the breach affected only a portion of ten cryptocurrencies, and that cold wallet assets remained untouched [1].

The latest hack comes amid a broader wave of cyberattacks targeting centralized cryptocurrency exchanges. Earlier in the year, Bybit suffered a high-profile breach that resulted in the theft of about $1.5 billion in Ethereum tokens. Additionally, India’s CoinDCX reported a separate incident in which attackers stole over $44 million in digital assets [1]. These events highlight the persistent risks associated with hot wallet storage and the urgent need for stronger security protocols across the industry.

BtcTurk has not yet disclosed the specific nature of the breach or identified the perpetrator. However, the firm has reiterated that customer funds are not at risk and that it is taking all necessary measures to mitigate the damage and prevent similar incidents in the future [1].

Source: [1] BtcTurk hack sees $48 million in crypto vanish from hot wallets (https://cryptoslate.com/btcturk-hack-sees-48-million-in-crypto-vanish-from-hot-wallets/)