Turkey’s Oldest Crypto Exchange Gets Hacked for $48 Million

BtcTurk, Turkey’s longest-running cryptocurrency exchange, has confirmed a security incident involving its hot wallets.

Blockchain security platform Cyvers flagged around $48 million in unusual outflows across Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon. Most funds were sent to two addresses before being swapped into other assets.

The exchange said the suspicious activity was detected during routine checks on 14 August 2025. As a precaution, crypto deposits and withdrawals have been suspended while investigations continue.

BtcTurk assured customers that most assets are stored in cold wallets and remain secure. Turkish lira deposits, withdrawals, and trading are operating normally.

Authorities have been notified and security measures implemented. The attacker continues to move and exchange the stolen assets, making recovery efforts urgent.

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