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Major Crypto Breach: Turkish Exchange BtcTurk Loses $49M in Multi-Chain Attack
Turkish crypto exchange BtcTurk has been hit by a massive cyberattack, resulting in the theft of approximately $49 million worth of digital assets. According to reports, the attack was carried out simultaneously across multiple blockchain networks.
BtcTurk’s system detected unusual activity on various chains, including Ethereum, Avalanche, Arbitrum, Fantom, Optimism, Mantle, and Polygon. The company has since suspended all deposits and withdrawals to prevent further losses.
Preliminary investigations suggest that the attackers exploited vulnerabilities in BtcTurk’s hot wallet security, moving funds into two main addresses and then rapidly swapping assets across different chains. This highly coordinated effort is reminiscent of recent attacks on key exchanges worldwide, and cybersecurity experts are warning about ongoing weaknesses in exchange hot wallet security.
The incident marks the second major breach for BtcTurk, following a similar $55 million loss in June 2024. Investors are advised to follow official announcements from BtcTurk for safety guidance, as the company collaborates with cybersecurity experts to trace stolen funds and prevent further attacks.
This incident highlights a broader issue regarding exchange security standards, emphasizing the urgent need for stronger hot wallet protocols and multi-layered protection measures.
Source: blockonomi.com
