Overview

• On August 14, blockchain monitors flagged rapid multi-chain transfers totaling around $48 million from wallets tied to BtcTurk’s hot storage, prompting an immediate halt to crypto deposits and withdrawals.
• Security firms report the outflows spanned Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle and Polygon networks, with most funds consolidated into two recipient addresses.
• Analysts note attackers have begun swapping the stolen tokens to Ethereum and other major assets to obscure their origin, complicating efforts to recover the funds.
• BtcTurk says the vast majority of customer holdings are safe in cold storage and that trading and fiat lira services continue normally, with authorities and cybersecurity teams notified.
• This marks BtcTurk’s second major hot-wallet breach in just over a year, underscoring recurring vulnerabilities that industry analysts warn could invite stricter regulatory and custodial oversight.