BtcTurk Hit by $49M Multi-Chain Cyberattack Stolen Assets Rapidly Moved

BtcTurk, a prominent Turkish cryptocurrency exchange, has confirmed a significant cyberattack resulting in a $49 million loss, marking one of the largest breaches in its history [1]. The attack, described as a multi-chain exploit, involved unauthorized transfers across several major blockchain networks, including Ethereum, Solana, Avalanche, Arbitrum, and others. Security analysts detected the breach within minutes of the exploit, highlighting the speed and coordination involved in the theft [1].

According to PeckShieldAlert and Cyvers Alerts, the attackers transferred the stolen assets into two primary wallets and immediately began swapping them, likely to obscure the trail and convert the stolen tokens into more liquid forms [1]. The stolen assets included a mix of Ethereum, Solana, and other major tokens, as reported by PeckShieldAlert on Twitter [1]. The attackers’ rapid actions suggest a high level of sophistication and technical expertise, consistent with a well-organized operation [1].

This is not the first major security incident for BtcTurk. In June 2024, the exchange suffered a $55 million theft, indicating potential ongoing vulnerabilities in its security infrastructure [1]. The recent breach has prompted BtcTurk to suspend all deposits and withdrawals while it investigates the incident and works with cybersecurity experts to trace the stolen funds [1]. The exchange has also frozen certain accounts and is auditing its internal security systems to prevent further incidents [1].

The attack has raised concerns among cybersecurity experts about the broader security of hot wallets—digitally stored funds that are more accessible and thus more vulnerable to hacking. Analysts have warned that the increasing complexity of cross-chain operations and the use of smart contracts have created new attack vectors, which hackers are increasingly exploiting [1]. The timing of the attack also aligns with a global rise in crypto-related cyber incidents in 2025, underscoring the urgent need for stronger security protocols within the industry.

BtcTurk has stated that most of its customer funds, particularly those held in cold storage, were not affected by the breach [1]. The exchange has pledged to implement additional security measures, including enhanced multi-signature protocols and real-time transaction monitoring [1]. It has also indicated that it is working with law enforcement to investigate the incident and potentially recover the stolen assets [1].

The incident highlights the growing challenges faced by cryptocurrency exchanges in securing their platforms. As the industry continues to expand and attract more institutional and retail investors, the need for robust cybersecurity practices has never been greater [1]. Analysts emphasize that multi-layered security strategies, including regular audits and real-time threat detection, are essential to mitigating the risk of future attacks.

BtcTurk has advised users to monitor its official communications for updates and to exercise caution when conducting transactions. The broader crypto market remains under close observation to assess the potential impact of the breach on investor sentiment and exchange trust [1].

Source:

[1] Turkish Exchange BtcTurk Loses $49M in Multi-Chain Attack, Blockonomi, https://blockonomi.com/major-crypto-breach-turkish-exchange-btcturk-loses-49m-in-multi-chain-attack/