BtcTurk Turkey’s Second-Largest Crypto Exchange Loses $48M in Major Hack – What’s Happening?

Key Points

1. BtcTurk lost $48 million in a multi-chain hack involving Ethereum, Avalanche, Arbitrum, and other networks, with funds consolidated into two addresses.

2. The exchange suspended all cryptocurrency deposits and withdrawals but maintained fiat operations, avoiding terms like 'hack' or 'breach' in its official statement.

3. This is BtcTurk’s second major security incident, following a $54 million loss in June 2024, with Binance freezing $5.3 million of the stolen funds in the previous case.

4. Regional exchanges in Turkey, Iran, and India have faced escalating security risks, with Nobitex losing $73 million and CoinDCX losing $44 million in similar exploits.

5. Global crypto hacks in 2025 have exceeded $2.2 billion, with major breaches like Bybit’s $1.5 billion and Cetus Protocol’s $225 million exploits contributing to the losses.