Turkish exchange BtcTurk has fallen victim to a large-scale Hack, with an estimated $48 million drained from its hot wallets.
On August 14, blockchain monitoring service Cyvers flagged suspicious outflows, noting the stolen assets were scattered across several networks, including Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon. The bulk of the funds appear to have been funneled into two addresses, where the attacker has already started swapping tokens.
BtcTurk addressed the situation publicly, confirming the breach and stressing that the damage was limited to hot wallets:
“During checks conducted on August 14, 2025, unusual activity was detected in our hot wallets. As a precaution, cryptocurrency deposit and withdrawal transactions have been temporarily suspended. These services will be reactivated once the work is completed.”
The exchange assured its five million-plus customers that most holdings are safe in cold storage, trading remains active, and fiat transactions are unaffected. Authorities have been contacted, and cybersecurity teams are working to lock down the platform.
This is not the first time the exchange has faced such an incident, last year, BtcTurk lost over $55 million in a similar attack, with only a portion of its hot wallet assets impacted.
The latest Hack adds to a growing trend of centralized exchanges being targeted in 2025. Bybit earlier this year saw $1.5 billion worth of Ethereum stolen, while India’s CoinDCX suffered losses exceeding $44 million.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
