Key Takeaways
- $48M stolen: Hackers drained hot wallets across Ethereum, Avalanche, and 5 other chains.
- BtcTurk suspends crypto deposits/withdrawals but keeps trading active.
- Exchange claims that more than 5 million users’ funds are secure in offline wallets.
- This marks BtcTurk’s second hack after $55 million theft in June 2024.
Table of Contents
The BtcTurk Attack Unfolds
On August 14, Turkish crypto traders woke up in fear after blockchain security firm Cyvers detected $48 million disappearing from BtcTurk’s hot wallets. The hackers performed a precise execution, transferring funds across seven different networks (Ethereum, Base, Polygon, Optimism, Mantle, Arbitrum, and Avalanche).
The hackers then started distributing the bounty across three crypto-wallets, two addresses (0x7d91d1ebeba91257733a523409125aedac5d8b6e and 0xA041FeB3a8297c5689FEE180083164A061a17fD6), and one Solana address (9sjdD9XgtMQkx3E2HjNLi6iawPDFWF6FzsQjiCmGgijE]).
Once BtcTurk froze withdrawals, the hacker began swapping the stolen tokens for Ethereum, a classic laundering maneuver. The crypto exchange downplayed the incident as a “technical issue” and assured users that their hodlings, which were mostly cold-stored, remained safe.
A Disturbing Pattern
This is not the first time BtcTurk has been attacked. Just 14 months ago, the exchange lost $55 million due to a hot wallet breach, similar to this last one. Despite their claims to improve security, they have again had their wallets exploited, leaving them with notable and apparent vulnerabilities in their live transaction systems.
The hack fits a disturbing narrative trending in 2025
- Phemex: $85 million breached in January
- Bybit: $1.5 billion stolen in January
- CoinDCX: $44 million hacked in March
- Coinbase Support: $400 million in damages after a social engineering attack in May
- Nobitex: $82 million drained in June
In each case, hot wallets were attacked; in the meantime, exchanges struggle to secure cold storage
What’s Next
So far, BtcTurk has contacted Turkish authorities and engaged cybersecurity firms in order to trace the stolen funds. Though trading is still active on the platform, the freeze on crypto movements has left users with many doubts.
But the bigger question is: Why do exchanges keep repeating the same mistakes? The crypto industry has already lost over $3.1 billion to hacks this year alone, and continues to commit the same errors by relying on hot wallets for liquidity.
Security vs. Convenience
BtcTurk’s breach demonstrates the never-ending challenge of crypto, balancing speed of access versus security. Until exchanges roll out real-time monitoring and decentralized custody solutions, these hacks will keep making headlines.
On the other hand, for hackers, crypto exchanges are still just like ATMs, with ridiculously weak PINs.
Final Thought: There are many other tactics hackers can use to exploit, not only crypto exchanges but also your own wallets, by using sophisticated social engineering techniques and weaponized software. They are everywhere. Stay safe!
What’s a hot wallet?
It refers to an internet-connected crypto-wallet for quick transactions, making it vulnerable to hacks.
Are BtcTurk user funds safe?
BtcTurk claims cold wallets (offline storage) weren’t compromised, but hot wallet losses still hurt liquidity and users’ trust.
Could this affect crypto prices?
Unlikely. So far, markets have grown numb to exchange hacks, unless they exceed $100 million.
For more crypto-related hacks, read: Shocking LuBian Bitcoin Hack: How $3.5B Vanished in Crypto’s Biggest Heist
