Market News

Rising Concerns: Turkey's BTCTurk Exchange Under Investigation After $50 Million Crypto Breach

Recent reports indicate that the Turkish cryptocurrency exchange BTCTurk may have fallen victim to a significant hack, prompting serious concerns in the market.

Leading blockchain security firm CertiK has estimated that over $50 million in cryptocurrency was withdrawn from multiple wallets associated with the exchange.

CertiK's analysis revealed multiple warnings related to unusual activity across various networks, including ETH, AVAX, ARB, BASE, OP, MANTLE, and MATIC.

Most of the funds reportedly ended up in just two addresses as the attacker swiftly moved and exchanged the stolen assets.

In response, BTCTurk has announced the temporary suspension of crypto deposits and withdrawals, citing a technical issue with their hot wallets.

In a public statement, the exchange reassured users that buying and selling transactions, as well as fiat transactions, would continue without interruption.

It is notable that BTCTurk previously experienced a hack in June 2024, where only assets in hot wallets were compromised, and no user funds were reported lost.

This latest incident raises alarm bells for investors and regulators alike, as the Turkish crypto market continues to navigate security challenges.

The exchange has promised to provide further updates on the situation once transactions are able to resume.

As the investigation unfolds, stakeholders are left to ponder the implications for trust and security in Turkey's burgeoning crypto economy.