Turkish cryptocurrency platform BtcTurk has fallen victim to a significant security breach, resulting in an estimated $49 million loss. Reports circulating on social media suggest that hackers targeted various blockchain networks simultaneously. The breach was swiftly identified by crypto security experts shortly after the attack. As a precautionary measure, trading activities and withdrawals on the exchange have been halted while a thorough investigation is conducted. It appears that the attackers utilized sophisticated methods to breach hot wallets containing a variety of assets. According to findings from PeckShieldAlert, the hackers’ wallet included assets such as Ethereum, Solana, and other prominent tokens. This incident comes on the heels of a similar breach in June 2024, where $55 million was stolen from the exchange. Security specialists have raised concerns about potential vulnerabilities in BtcTurk’s hot wallet security, especially amidst a surge in crypto-related hacks targeting major exchanges globally this year. The attack on BtcTurk involved a multi-chain assault that affected networks like Ethereum, AVAX, ARB, BASE, OP, MANTLE, and MATIC. Analysts observed funds being transferred to two primary addresses, with the attackers promptly exchanging assets. The level of coordination and speed of the attack indicate a well-planned operation, highlighting the risks exchanges face from leaked keys and smart contract weaknesses. In response to the breach, BtcTurk took immediate action by suspending all deposit and withdrawal services to prevent further financial losses. The exchange is working closely with cybersecurity experts to track the stolen funds, with continuous monitoring of the hacker’s wallets ongoing. Users are advised to stay informed through official BtcTurk channels for updates and safety precautions. The repeated security breaches underscore broader concerns about the industry’s exchange security standards. Experts stress the importance of implementing robust hot wallet protocols and layered security measures to safeguard against future cyber threats.
Turkish Exchange BtcTurk Hit by $49M Multi-Chain Attack: Latest Security Breach
