$48,930,711 in Crypto Assets Looted in Massive Exchange Hack As Stolen Haul Converted to Ethereum: On-Chain Data

New data from the cybersecurity firm PeckShield reveals that tens of millions of dollars worth of digital assets were stolen from the crypto exchange BtcTurk.

In a new post on X, PeckShield says that the Turkish crypto exchange platform BtcTurk has been exploited to the tune of $49 million worth of crypto assets, $38.6 million of which was Ethereum (ETH), the second-largest cryptocurrency by market cap.

Other notable digital assets stolen include $4.3 million worth of layer-1 blockchain Avalanche (AVAX), $1.9 million worth of the layer-2 scaling solutions Arbitrum (ARB), as well as $1.2 million worth of fellow layer-2 Optimism (OP).

PeckShield goes on to note that the hacker started converting his stolen funds to Ethereum using the MetaMask crypto wallet.

In a message on X, BtcTurk tells its customers that crypto deposits and withdrawals have been temporarily suspended until the issue is resolved.

“During inspections conducted on August 14, 2025, unusual activity was detected in our hot wallets. As a precautionary measure, cryptocurrency deposits and withdrawals have been temporarily suspended. They will be reopened once the work is completed.

The vast majority of assets are held in our secure cold wallets. Thanks to BtcTurk’s robust financial structure, user assets will not be affected by this situation. Buying and selling transactions and Turkish Lira deposit and withdrawal transactions continue without interruption.

While our detailed investigation continues, authorities have been informed and all necessary security measures have been taken. We thank you for your understanding and will continue to share developments with you.”

Earlier this year, the crypto analytics platform Chainalysis found that hackers have already stolen more money in 2025 than the entirety of 2024.

 

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