Turkey-based crypto exchange BtcTurk has confirmed a significant security breach that resulted in the loss of approximately $48 million in digital assets. The exchange referred to the hack as a “technical issue with hot wallets,” and assured customers that Turkish Lira deposits, withdrawals, and trading activities were unaffected.
Crypto Industry Witnesses Another Hack
The breach was first flagged by blockchain security firm Cyvers, which reported unusual activity across multiple networks. The affected chains include Ethereum (ETH), Avalanche (AVAX), Arbitrum (ARB), Base (BASE), Optimism (OP), Mantle (MNT), and Polygon (MATIC).
🚨ALERT🚨$48M worth of digital assets have been detected in unusual activity across multiple chains involving Turkish exchange @btcturk
About 30 minutes ago, our system detected multiple alerts across $ETH, $AVAX, $ARB, $BASE, $OP, $MANTLE, and $MATIC networks. Most funds were… pic.twitter.com/ss4a7O2hUd
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) August 14, 2025
According to Cyvers, most of the stolen assets were quickly moved to just two wallet addresses before being swapped for other crypto assets, hinting at an organized exploit. About 20 minutes later, BtcTurk followed suit, announcing via X that it had disabled withdrawals and deposits to manage the security incident.
However, moments later, the exchange revealed that the suspicious transactions were identified during a follow-up security check. It emphasized that the majority of assets are stored in secure cold wallets. To further relieve its users, the platform assured customers that funds will not suffer losses due to its “robust financial structure.”
BtcTurk confirmed that official authorities have been notified and that a thorough investigation is underway, with all necessary security measures being implemented. The exchange further pledged to keep users informed as it works to restore crypto deposits and withdrawals once the situation is resolved.
Not the First BtcTurk Hack
Notably, in June 2024, BtcTurk was hit with unauthorized withdrawals impacting 10 hot wallets and total losses estimated at $55 million in AVAX tokens. Binance assisted by freezing approximately $5.3 million of stolen funds while assisting with transaction tracing and security assessments.
BtcTurk’s two major hacks total approximately $103 million in stolen assets, making it the most hacked exchange in Turkey’s crypto history. Other exchanges in the country include CoinTR, Bitlo, SAFEbit, and Bitexen.
Meanwhile, BtcTurk is not the only platform to be hacked more than once. A few months after exploiting GMX’s smart contracts, the platform encountered a more direct hit. Attackers exploited a vulnerability in GMX V1’s GLP mint/redeem logic, resulting in a loss of approximately $42 million.
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