BTCTurk Hot Wallet Breach Leads to $48M Loss

A significant security breach at BTCTurk, a major Turkish cryptocurrency exchange, resulted in an estimated $48 million loss. Hackers exploited the exchange’s hot wallets, stealing a range of cryptocurrencies including Ethereum and Solana. While user funds are unaffected as per BTCTurk CEO Özgür Güneri, the incident raises concerns about hot wallet security. The hack triggered a temporary suspension of deposits and withdrawals on BTCTurk to protect assets while investigations continue. Market reactions included price volatility in Bitcoin and Ethereum, reflecting anxieties around hot wallets.