BtcTurk Hack Drains $48M in Cross-Chain Asset Transfers

Published: 2025-08-14 22:57:42 |

BtcTurk hack detected on August 14 flagged $48 million in unusual outflows from hot wallets across Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle and Polygon. Attackers consolidated funds into two addresses before swapping to ETH via DEX liquidity pools. In response, BtcTurk paused cryptocurrency deposits and withdrawals from hot wallets but maintained spot trading and Turkish-lira operations. Security teams and chain-analysis firms are tracing cross-chain transfers in real time to identify mixer or exchange on-ramps and freeze stolen assets. Traders are advised to follow official BtcTurk announcements, avoid unverified links, and consider moving long-term holdings to cold storage to mitigate future risks.

Bearish

The BtcTurk hack undermines confidence in exchange security and increases short-term selling pressure on Ethereum as stolen funds are swapped and laundered via DEX pools. This breach highlights hot wallet vulnerabilities, prompting traders to reduce risk by moving assets off exchanges, exerting downward pressure. In the long term, exchanges may strengthen security protocols, but immediate market sentiment remains negative, categorizing the impact as bearish.