BtcTurk Hit by $48M Multi-Chain Crypto Hack in August 2025

BtcTurk, Turkey’s second-largest cryptocurrency exchange, reported a significant security breach on August 14, 2025, with approximately $48 million in digital assets compromised through a coordinated multi-chain attack targeting its hot wallets [1]. The unusual activity was first flagged by blockchain security firm Cyvers, which detected suspicious transactions across multiple networks including Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon [1]. The majority of the stolen funds were consolidated into just two recipient addresses before being rapidly liquidated through decentralized exchanges [1].

Following the detection, BtcTurk suspended all cryptocurrency deposits and withdrawals “due to a technical problem in hot wallets,” while emphasizing that fiat currency operations remained unaffected [1]. The exchange did not explicitly use the terms “hack” or “breach” in its public statement but confirmed the implementation of “immediate action” protocols to address the situation [1]. Users were advised that trading and Turkish Lira withdrawal operations continued uninterrupted during the ongoing investigation [1].

Blockchain investigators shared specific wallet addresses with the public, enabling real-time tracking of the stolen funds across various networks [1]. Analysis revealed that attackers began converting the stolen assets into Ethereum shortly after the initial transfers, suggesting an intent to quickly liquidate the assets through decentralized platforms [1].

This incident marks BtcTurk’s second major security breach in 14 months. In June 2024, the exchange reported a $54 million loss from an exploit targeting Avalanche token holdings [1]. At that time, blockchain investigator ZachXBT linked the suspicious transactions to BtcTurk, while Binance later froze $5.3 million of recovered stolen funds [1].

The Turkish cryptocurrency market, driven by domestic currency instability, continues to grow rapidly, placing additional pressure on local exchanges to balance accessibility with robust security measures [1]. However, the issue is not unique to Turkey. Similar attacks have targeted exchanges across emerging markets, including Iran’s Nobitex, which lost $73 million through TRON-based exploits, and India’s CoinDCX, which reported $44 million in losses from server breaches [1].

The global crypto industry has experienced a sharp increase in security breaches in 2025. According to CertiK, over $2.2 billion in losses have been reported from hacks and scams in just the first half of the year [1]. Major incidents such as Bybit’s $1.5 billion hack and Cetus Protocol’s $225 million exploit have significantly skewed the annual statistics, although even excluding these, losses remain consistent with previous years at around $690 million [1].

The frequency and scale of these breaches raise critical questions about whether regional exchanges can maintain competitive operational costs while implementing security standards comparable to global leaders like Coinbase or Binance [1]. As the industry matures, the ability to respond swiftly and transparently to such incidents will become increasingly important for maintaining user trust and regulatory compliance.

Source: [1] [BtcTurk Turkey’s Second-Largest Crypto Exchange Loses $48M in Major Hack – What’s Happening?](https://cryptonews.com/news/btcturk-turkeys-second-largest-crypto-exchange-loses-48m-in-major-hack-whats-happening/)