tl;dr
Cybersecurity firm PeckShield reported a $49 million cyberattack on Turkish crypto exchange BtcTurk, with $38.6 million in Ethereum stolen. Other losses included $4.3 million in Avalanche, $1.9 million in Arbitrum, and $1.2 million in Optimism. The hacker used MetaMask to convert stolen funds into E...
New data from the cybersecurity firm PeckShield reveals a massive cyberattack on the Turkish crypto exchange BtcTurk, resulting in the theft of $49 million worth of digital assets. Among the stolen cryptocurrencies, approximately $38.6 million was in Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization.
Other significant losses include $4.3 million in Avalanche (AVAX), a layer-1 blockchain, along with $1.9 million and $1.2 million in layer-2 scaling solutions Arbitrum (ARB) and Optimism (OP), respectively. PeckShield also highlighted that the hacker began converting the stolen funds into Ethereum through the MetaMask crypto wallet, indicating an attempt to obscure the assets.
In response, BtcTurk announced via its social media channel that cryptocurrency deposits and withdrawals have been temporarily suspended as a precautionary measure. The platform detected unusual activity in its hot wallets on August 14, 2025, and confirmed that most user funds remain safe in secure cold wallets. Trading and fiat transactions involving the Turkish Lira are continuing without interruption.
The exchange assures customers that its strong financial structure will protect user assets from the incident and notes that law enforcement authorities have been informed as investigations continue. Updates will be provided as the situation unfolds, highlighting BtcTurk’s commitment to transparency and security.
This incident underscores a broader trend of escalating cybercrime in the cryptocurrency space. Earlier in 2025, Chainalysis reported that hackers have already stolen more money this year than in the entirety of 2024, reflecting growing risks that investors and platforms alike must navigate in the evolving crypto market.