$48M In Cross-chain Moves Set Off Alarms At Turkish Exchange BtcTurk, What You Need To Know
Main Idea
Turkish exchange BtcTurk suffered a $48 million hack, with stolen assets being swapped for ETH across multiple blockchain networks, prompting the exchange to pause withdrawals and deposits.
Key Points
1. Approximately $48 million in unusual transfers were flagged across Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon networks linked to BtcTurk.
2. The attack appears to be a hot-wallet compromise, with the hacker actively swapping stolen tokens for ETH to obscure the trail.
3. BtcTurk confirmed the incident and paused crypto deposits and withdrawals, though trading and Turkish Lira operations continue.
4. On-chain investigators like Lookonchain and CyversAlerts are tracking the stolen funds, which are being consolidated into ETH for liquidity and laundering purposes.
5. Users are advised to rely only on official BtcTurk announcements and avoid unverified links or third-party instructions regarding account security.
Description
A coordinated series of on-chain alerts flagged roughly $48 million in unusual transfers tied to Turkish exchange BtcTurk late today. The activity hit seven networks, Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle and Polygon, and concentrated into two destination addresses. 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 ...
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