BtcTurk Loses $48 Million in Second Major Hack in Just Over a Year
Turkish cryptocurrency exchange BtcTurk has suffered another large-scale security breach, losing approximately $48 million in digital assets. The incident marks the second major hack of the platform in just 14 months, raising serious questions about its internal security practices.
Hot Wallet Keys Compromised
According to incident disclosures, attackers gained access to the private keys of BtcTurk’s hot wallets. Funds were drained across seven blockchain networks, including Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon.The majority of losses were concentrated on Ethereum, where roughly $34 million worth of ETH was stolen.
Multi-Chain Asset Drain
In addition to Ethereum-based assets, approximately $6 million was taken from Solana wallets. These wallets reportedly held not only SOL but also various memecoins, including TRUMP, MELANIA, WIF, and PENGU.After the theft, the attacker rapidly consolidated the stolen funds into two Ethereum addresses and one Solana address.
Funds Consolidation and Swaps
Blockchain data indicates that the hacker began swapping stolen tokens into ETH using MetaMask Swaps shortly after consolidation. This behavior suggests an attempt to simplify asset tracking and prepare for further laundering.The speed and coordination of transactions indicate prior planning rather than an opportunistic exploit.
A Repeated Failure Pattern
This is not the first time BtcTurk has experienced such an incident. In June 2024, the exchange lost approximately $55 million through a nearly identical attack vector involving compromised hot wallet keys.At that time, Binance assisted in freezing around 10 percent of the stolen funds, approximately $5.3 million.
Leadership Fallout and Unlearned Lessons
Following the 2024 breach, CEO Özgür Güneri resigned. Despite that leadership change, the recurrence of an almost identical attack suggests that structural security issues were not fully addressed.Combined losses from both incidents now exceed $100 million.
Exchange Response
BtcTurk stated that the majority of customer assets were held in cold wallets and remain secure. Deposits and withdrawals have been temporarily suspended while the investigation continues.No timeline has been provided for the full restoration of services.
Conclusion
The second major breach in little over a year places BtcTurk among exchanges with repeated critical security failures. The reuse of an identical attack vector suggests systemic weaknesses rather than isolated incidents, underscoring the ongoing risks of centralized custody in crypto markets.Editorial Team - CoinBotLab
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