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- BtcTurk hacked for $48M in multi-chain exploit. Deposits & withdrawals frozen as stolen funds move across 7 blockchains.
- $48M stolen from BtcTurk in major hack. Services suspended while hackers swap funds across multiple networks.
- BtcTurk suffers $48M breach, halting withdrawals as stolen crypto moves across 7 chains.
BtcTurk, one of Turkey’s largest cryptocurrency exchanges, has reportedly fallen victim to a massive security exploit resulting in an estimated $48 million loss. According to blockchain security firm Cyvers Alerts, attackers allegedly moved funds from BtcTurk’s hot wallets to two newly created addresses before initiating asset swaps.
Funds Moved Across Multiple Blockchain Networks
The suspicious activity reportedly spanned several major networks, including Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle Network, and Polygon. Cyvers noted that the attacker has already begun converting stolen assets, complicating recovery efforts. The firm confirmed they have contacted BtcTurk’s team, who are taking “immediate action.”
Exchange Halts All Deposits and Withdrawals
In response to the breach, BtcTurk has suspended deposits and withdrawals to prevent further losses. While the scale of the hack is significant, the exchange has yet to release an official statement. This silence has fueled speculation among traders, who are closely monitoring developments.
CoinMarketCap data shows BtcTurk recorded $312 million in 24-hour trading volume before the hack, offering hundreds of assets for both spot and perpetual futures trading.
With no official statement from BtcTurk yet, the full scope of the damage and recovery plan remains unclear. The breach serves as a stark reminder of the ongoing risks in centralized crypto platforms, particularly regarding hot wallet storage. Users are advised to monitor official channels for updates and exercise caution until services are restored.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
