Hackers Steal $23M from BtcTurk and Swap BTC to ETH via DeFi
– Turkish exchange BtcTurk suffered a $23M crypto theft in August 2025 as hackers drained hot wallets and rapidly converted BTC to ETH via DeFi protocols.
– Blockchain analytics firm Lookonchain tracked suspicious transactions, while BtcTurk suspended operations to investigate and mitigate losses.
– Experts highlight DeFi’s role in enabling anonymous fund laundering, urging stronger 2FA and hardware wallet adoption to combat sophisticated cyberattacks.
– The incident underscores crypto industry vulnerabilities, sparking calls for enhanced regulatory safeguards and improved exchange security protocols.
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