BtcTurk, Turkey’s longest-standing cryptocurrency exchange, has fallen victim to a major security breach — losing an estimated $48 million in digital assets.
Blockchain security firm Cyvers first spotted the suspicious outflows on August 14, 2025. Funds were drained from the exchange’s hot wallets — online wallets used for active transactions — across multiple networks including Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon.
According to Cyvers, most of the stolen crypto was funneled into just two wallet addresses before being swapped into other tokens, making the trail harder to follow.
Exchange Locks Down Crypto Transfers
BtcTurk said the breach was caught during routine security checks. As a precaution, it’s frozen all crypto deposits and withdrawals while the investigation is underway.
The company emphasized that the bulk of customer assets remain in cold wallets — offline storage considered far less vulnerable to hacks. Turkish lira deposits, withdrawals, and fiat trading services are still operating normally.
Authorities in Turkey have been alerted, and additional security protocols are now in place. Meanwhile, the attacker continues to move the stolen funds across blockchains, adding urgency to recovery efforts.
A Wake-Up Call for Crypto Security
Hot wallet breaches remain one of the most common attack vectors for centralized exchanges, with funds often laundered through decentralized exchanges or privacy tools within hours.
For BtcTurk, the hack marks a serious test of both its security infrastructure and customer trust — especially in a market where competition among exchanges is intensifying.
