Another Blow to Turkey’s Crypto Market: Hackers Drain $48M from BtcTurk. Insider Weakness Suspected

Turkey’s crypto scene has been rocked again. The country’s largest exchange, BtcTurk, has confirmed a sophisticated hack that resulted in the loss of approximately $48 million from its hot wallets. The incident is especially alarming as it marks the third such breach in just two years. 🔹 The attack spanned multiple blockchains — according to blockchain security firm AnChain, the hackers moved funds via Ethereum, Arbitrum, and Polygon. The stolen assets were ultimately consolidated into a single address, where they were laundered through subsequent transactions. 🔹 BtcTurk claims the situation is under control, reassuring users that the majority of funds remain safe in cold wallets. Nonetheless, the exchange temporarily suspended withdrawals and launched an internal investigation alongside technical audits.

A Repeating Pattern: Not the First Breach This incident follows a troubling series of similar attacks: August 2025: BtcTurk confirmed a loss of $38 million and claimed that “all necessary security measures” had been implemented.June 2024: A sudden disappearance of $55 million was later attributed by auditing firm Halborn to a likely compromised private key. During the August 2025 breach, the exchange stated: “Unusual movements were detected in our hot wallets during checks conducted on August 14. As a precaution, deposits and withdrawals were temporarily suspended.”

Despite such claims, history is repeating itself.

Warning: Phishing and Secondary Scams Loom According to AnChain, such hacks often pave the way for secondary scams, where bad actors exploit user panic. Impersonating the exchange’s support teams, scammers may send fake emails or SMS messages, tricking users into linking their wallets to phishing platforms disguised as refund verification services — draining even more funds.

Crypto in Turkey: Massive Volumes, Fragile Security Despite repeated attacks, Turkey remains a crypto powerhouse: 🔹 As of October 2025, daily crypto trading volume hit $300 million, with 75% denominated in Turkish lira

🔹 Annual crypto transaction volume reached $200 billion, four times that of the UAE, the second-largest market in the region

🔹 Between 2021 and mid-2025, Turkey saw a cumulative $878 billion in gross crypto inflows Meanwhile, Turkey’s national statistics office reported that inflation reached 30.89% in 2025, with food prices up 28.31% and transportation costs rising 28.44%, driven by soaring fuel and operational expenses. In such an environment, it’s clear why citizens turn to crypto — but this also makes them highly vulnerable to fraud, manipulation, and cyberattacks.

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