- BtcTurk hacked for over $48M, with assets converted to Ethereum.
- Hacker uses multiple addresses to obscure stolen funds’ trail.
- Incident highlights ongoing vulnerabilities in exchange security.
Blockchain analytics firm Lookonchain revealed a significant security breach at BtcTurk, a leading Turkish cryptocurrency exchange, with losses exceeding $48 million.
The hacker has been actively converting the stolen assets into Ethereum (ETH), a tactic that mirrors previous high-profile incidents, such as the $200 million Gala Games hack in 2024. This latest exploit underscores the persistent vulnerabilities plaguing centralized exchanges, despite measures like cold storage, which protected the majority of BtcTurk’s assets.
The hack targeted ten hot wallets associated with the exchange, a common entry point for cybercriminals, as noted in a 2023 Chainalysis report that documented $1.7 billion in annual crypto thefts, with exchanges being prime targets. The hacker’s use of multiple Ethereum addresses : 0x0fe41fe8786329fb6bd8f2baa73aa55e770f0951, 0xa041feb3a8297c5689fee180083164a061a17fd6, and 0x7D91D1ebeBA91257733a523409125aEdac5d8b6E suggests a sophisticated attempt to obfuscate the funds’ trail, a strategy consistent with peer-reviewed blockchain forensics studies. This conversion to ETH, a highly liquid asset, could indicate preparation for further laundering, potentially through over-the-counter (OTC) networks, as seen in North Korea-linked attacks like the Bybit exploit.
The timing of the hack coincides with a volatile market period, which may exacerbate its impact on investor confidence and ETH’s price stability. BtcTurk has yet to issue an official statement, but the incident has sparked renewed calls for enhanced security protocols, including multi-signature wallets and real-time monitoring, as recommended by security experts following the 2024 breach analysis by Halborn. The crypto community on X has reacted with a mix of shock and cynicism, with users like Nikolay and Vincenzo Cassano labeling it “crazy” and another “day, another hack.”
As the investigation unfolds, this event serves as a stark reminder of the evolving threats in the crypto ecosystem, urging exchanges and users alike to prioritize robust cybersecurity measures.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
