Turkey’s Bitcoin Trading Platform BtcTurk Hacked: $48 Million Stolen
The post Turkey’s Bitcoin Trading Platform BtcTurk Hacked: $48 Million Stolen appeared on BitcoinEthereumNews.com. Founded on July 1, 2013, in Istanbul, BtcTurk is Turkey’s oldest cryptocurrency exchange and was the fourth such platform to launch globally. On August 14, 2025, it experienced a significant security breach involving its hot wallets. Approximately $48 million worth of digital assets were transferred out of the platform’s wallets, prompting the exchange to temporarily suspend all cryptocurrency deposits and withdrawals. While cold wallets and fiat trading remained safe, this incident marks BtcTurk’s second major hack in just over a year, raising serious questions about the security of centralized exchanges and how users store their crypto. Details of the Breach Initially described as a vague “technical issue,” the breach quickly emerged as a coordinated, multi-network attack. Blockchain security firm Cyvers reported that the stolen assets included Ether (ETH), Avalanche (AVAX), Arbitrum (ARB), Base (BASE), Optimism (OP), Mantle (MNT), and Polygon (MATIC). Most of the stolen funds ended up in just two main wallets, with hackers immediately starting to launder the assets to obscure their origin. Cryptocurrency Thefts Soar in 2025 In 2025, cryptocurrency theft has reached unprecedented levels, with over $4.3 billion stolen by mid-year, surpassing the total losses of 2024. The most significant incident was the $1.5 billion hack of Bybit, a Dubai-based exchange, attributed to the North Korean Lazarus Group. This breach alone accounted for approximately 69% of the year’s stolen funds. Other notable breaches include the $44 million theft from India’s CoinDCX exchange in July and a $90 million hack of Iran’s Nobitex exchange by an Israel-linked group. These incidents highlight the increasing sophistication and scale of cyberattacks targeting the cryptocurrency industry. Which Crypto Exchanges Are Safe The BtcTurk breach exposes persistent vulnerabilities in centralized exchanges, which remain prime targets for hackers due to the vast amounts of assets they hold. The incident demonstrates the advantages of…
The post Turkey’s Bitcoin Trading Platform BtcTurk Hacked: $48 Million Stolen appeared on BitcoinEthereumNews.com.
Founded on July 1, 2013, in Istanbul, BtcTurk is Turkey’s oldest cryptocurrency exchange and was the fourth such platform to launch globally. On August 14, 2025, it experienced a significant security breach involving its hot wallets. Approximately $48 million worth of digital assets were transferred out of the platform’s wallets, prompting the exchange to temporarily suspend all cryptocurrency deposits and withdrawals. While cold wallets and fiat trading remained safe, this incident marks BtcTurk’s second major hack in just over a year, raising serious questions about the security of centralized exchanges and how users store their crypto. Details of the Breach Initially described as a vague “technical issue,” the breach quickly emerged as a coordinated, multi-network attack. Blockchain security firm Cyvers reported that the stolen assets included Ether (ETH), Avalanche (AVAX), Arbitrum (ARB), Base (BASE), Optimism (OP), Mantle (MNT), and Polygon (MATIC). Most of the stolen funds ended up in just two main wallets, with hackers immediately starting to launder the assets to obscure their origin. Cryptocurrency Thefts Soar in 2025 In 2025, cryptocurrency theft has reached unprecedented levels, with over $4.3 billion stolen by mid-year, surpassing the total losses of 2024. The most significant incident was the $1.5 billion hack of Bybit, a Dubai-based exchange, attributed to the North Korean Lazarus Group. This breach alone accounted for approximately 69% of the year’s stolen funds. Other notable breaches include the $44 million theft from India’s CoinDCX exchange in July and a $90 million hack of Iran’s Nobitex exchange by an Israel-linked group. These incidents highlight the increasing sophistication and scale of cyberattacks targeting the cryptocurrency industry. Which Crypto Exchanges Are Safe The BtcTurk breach exposes persistent vulnerabilities in centralized exchanges, which remain prime targets for hackers due to the vast amounts of assets they hold. The incident demonstrates the advantages of…
What's Your Reaction?
