Turkish cryptocurrency exchange BtcTurk has confirmed a $48 million hack, marking another major security breach in the global crypto market this year. The incident, which targeted the exchange’s hot wallets, has forced the temporary suspension of all cryptocurrency deposits and withdrawals while investigations and security upgrades take place.
 |
| BtcTurk Hacked for $48M |
Details of the Attack
Target: Hot wallets storing a portion of user funds for active trading.
Losses: Estimated $48 million in various cryptocurrencies.
Blockchain Impact: Funds were moved across Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon.
Conversion: Stolen tokens were consolidated into two main addresses before being swapped, primarily into Ethereum (ETH).
Safety Measures: Cold wallets holding the majority of user funds remain secure.
Operational Status: Trading and Turkish Lira transactions are unaffected.
BtcTurk’s Official Response
BtcTurk has confirmed that:
“Only a portion of assets in our hot wallets was affected. The majority of customer holdings in cold wallets remain safe. We have halted all cryptocurrency deposits and withdrawals as a precaution.”
Authorities have been notified, and cybersecurity teams are actively tracing the stolen funds while reinforcing platform security.
History of Breaches
This is not the first security incident for BtcTurk. In June 2024, the exchange suffered a $55 million loss due to a similar hot wallet compromise. The recurrence of such attacks underscores the vulnerabilities inherent in hot wallet management for centralized crypto exchanges.
Broader Trend in 2025 Crypto Hacks
The BtcTurk hack is part of a growing global trend of major exchange breaches this year:
Bybit lost $1.5 billion in Ethereum tokens earlier in 2025.
Multiple smaller exchanges have reported losses in the tens of millions due to multi-chain exploits.
Security experts warn that hot wallets, while necessary for liquidity and transaction speed, are more exposed to online threats compared to cold storage solutions.
Impact on Users
Deposits & Withdrawals: Suspended until further notice.
Cold Wallet Funds: Unaffected and safe.
Trading & Fiat Transactions: Continue as normal.
BtcTurk, one of Turkey’s largest crypto platforms with over five million users, is working to restore full services once security audits are complete.
FAQ's
Q1: How much did BtcTurk lose in the hack?
A: Approximately $48 million in digital assets.
Q2: Were all user funds affected?
A: No. Only hot wallet funds were compromised. Cold wallet holdings remain safe.
Q3: Can I still trade on BtcTurk?
A: Yes. Trading and Turkish Lira transactions are unaffected.
Q4: When will crypto deposits and withdrawals resume?
A: No specific date has been announced. Services will resume after security measures are completed.
Q5: Has BtcTurk been hacked before?
A: Yes. In June 2024, a similar hot wallet breach led to losses of over $55 million.
