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BtcTurk, Turkish crypto exchange, suffers $49M hack, following $55M loss in 2022.

14.08.2025 15:12

Turkish cryptocurrency exchange BtcTurk has again fallen victim to a significant security breach, suffering a $49 million loss in digital assets. This latest incident follows a similar attack just over a year ago, resulting in a $55 million theft. The exchange publicly acknowledged the unauthorized withdrawals via a statement on X, reassuring users that their funds remain secure.

According to blockchain security firm Cyvers, the stolen funds were dispersed across seven different blockchain networks, including prominent platforms like Ethereum and Avalanche, as well as various Ethereum Layer-2 solutions. Security firm SlowMist identified three key addresses currently holding the majority of the stolen cryptocurrency: approximately $24 million resides at 0xa041, $20 million at 0x7D91, and $4.5 million at 0x0fE4, as per data from cross-chain portfolio tracker Debank.

The hacker is actively engaged in liquidating the stolen assets. Blockchain analytics reveal ongoing transactions, with the perpetrator converting stolen tokens into Ether (ETH) and simultaneously draining smaller amounts of other cryptocurrencies. Concurrently, significant price drops in the affected tokens have been observed, potentially attributed to the hacker's rapid offloading of assets. Direct transfers from BtcTurk-labeled wallets across multiple blockchains strongly suggest a compromise of private keys.

This recent incident mirrors a previous attack on BtcTurk in June of last year, which also resulted in a substantial loss of $55 million. A report by crypto audit firm Halborn on the earlier incident similarly pointed to a leaked private key as the likely attack vector. This repeated targeting highlights significant security vulnerabilities at the exchange.

The increasing adoption of cryptocurrency in regions experiencing political instability or volatile local currencies, such as Turkey and Argentina, underscores the asset class's role as a hedge against economic uncertainty. However, these instances also underscore the need for robust security measures within the industry. This repeated exploitation of BtcTurk underscores the ongoing challenges exchanges face in protecting user assets and highlights the broader implications for cryptocurrency adoption in developing markets. Further information can be obtained through internet sources.