Turkish exchange BtcTurk suffers second hacking attack within six months, with total losses exceeding $97 million

2026-01-01 01:02:36

One of Turkey’s largest cryptocurrency exchanges, BtcTurk, has once again become a target for hackers. According to the latest reports, the exchange was attacked in January 2026, resulting in a loss of $48 million. This marks the second major security incident for BtcTurk within half a year, the previous one occurring on August 14, 2025, with an estimated loss of about $49 million. The losses from both attacks are remarkably similar, totaling over $97 million, which has severely impacted user confidence and the market position of the exchange.

Issues Behind Frequent Attacks

Comparison of the two attacks

Attack Date	Loss Amount	Remarks
August 14, 2025	Approximately $49 million	Suspicious outflow of hot wallet funds
January 1, 2026	$48 million	Another hacker attack
Total	Over $97 million	Two major incidents within half a year

BtcTurk has experienced two attacks of similar scale within just six months. This is not merely a security vulnerability issue but reflects potential systemic weaknesses in the exchange’s security protection system. Both attacks targeted the hot wallet, indicating that the exchange may need to make deep improvements in key security areas such as hot and cold wallet segregation, multi-signature verification, and anomaly detection.

Unique Pressures in the Turkish Market

BtcTurk’s difficulties are not only due to hacker threats but also stem from the increasingly tightening regulatory environment in Turkey. According to relevant information, the Turkish crypto market underwent a series of regulatory upgrades in 2025:

Around February 25, new crypto regulations took effect, requiring identity verification (KYC) for transactions exceeding approximately 15,000 Turkish Lira (about $425)
In June, the Turkish Ministry of Finance proposed stricter regulatory measures, including withdrawal delays, stablecoin restrictions, and more rigorous information collection

Under such regulatory pressure, BtcTurk also faces frequent security threats, which pose a significant challenge to any exchange. Users will become more cautious when choosing platforms, and trust can erode rapidly if security incidents occur.

Market Impact and Industry Reflection

Challenges to User Confidence

Two large-scale hacker attacks will directly affect user trust in BtcTurk. Although exchanges often promise compensation for victims, frequent security incidents themselves raise questions about the platform’s protective capabilities. This could lead users to transfer funds to other exchanges, impacting BtcTurk’s trading volume and market position.

Hidden Risks in the Turkish Exchange Ecosystem

As one of Turkey’s largest exchanges, BtcTurk’s security issues also reflect potential vulnerabilities across the entire Turkish exchange ecosystem. Under stricter regulatory conditions, security incidents may reduce regulatory confidence in the industry, prompting the implementation of even more stringent controls.

Summary

BtcTurk has suffered two hacker attacks within half a year, with total losses exceeding $97 million. This is not just an isolated case but highlights the ongoing challenges faced by crypto exchanges in security protection. Especially amid tightening regulatory environments in Turkey, BtcTurk needs to implement substantial security upgrades quickly; otherwise, the risks of user loss and declining market position will increase further. For the entire Turkish crypto market, this serves as a warning—security measures must keep pace with regulatory upgrades to maintain user confidence and market stability.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.