Turkish Crypto Exchange BtcTurk Witnesses $48M of Suspicious Outflows Amid Hack Fears
The incident involved large transfers of ether (ETH), Avalanche's AVAX (AVAX), Arbitrum's ARB (ARB), Base (BASE), Optimism's OP (OP), Mantle (MANTLE) and Polygon's MATIC (MATIC), with the bulk of the funds consolidating into just two recipient addresses.
BTCTurk said in an update on X that "unusual activity was detected" in the exchange's hot wallets.
"As a precaution, cryptocurrency deposit and withdrawal transactions have been temporarily suspended. They will be reopened once the work is completed," it said.
"The vast majority of assets are kept in secure cold wallets. Thanks to BtcTurk's strong financial structure, users' assets will not be affected by this situation."
The assumed exploit or hack marks another blight on the crypto industry after crypto investors lost $3.1 billion to hacks and scams in the first half of this year, the largest of which was the $1.46 billion breach of rival exchange Bybit.
Blockchain monitoring system Cyvers flagged the activity, triggering alerts that suggested a targeted exploit rather than routine operational movements.
Cyvers added that it was in contact with Btcturk, which is taking "immediate action."
UPDATE (Aug. 14, 15:26 UTC): Adds quote from BtcTurk's X page, paragraph on crypto hacks in 2025.
擷取數據時發生錯誤
登入存取你的投資組合
擷取數據時發生錯誤
擷取數據時發生錯誤
擷取數據時發生錯誤
擷取數據時發生錯誤
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 hours ago
- Yahoo
New York Crypto Tax Could Generate $158 Million a Year, Says Lawmaker
New York Assemblymember Phil Steck introduced legislation on Wednesday that would generate sweeping tax revenues from cryptocurrency transactions across the state. Under Bill A0966, the Empire State would immediately impose a 0.2% excise tax on crypto transactions, using the proceeds to help schools combat substance abuse in upstate New York, where the opioid epidemic has severely impacted communities for years. In a bill memo shared with Decrypt on Friday, Steck estimated that the levy would generate $158 million in annual revenue from 'crypto investors [that] are driven by a single motive: the desire for quick and instant wealth.' 'The funding shall be used to expand the substance abuse prevention and intervention program to schools in upstate New York,' a separate description of the bill states. Steck, a Democrat, chairs New York's Standing Committee on Alcoholism and Drug Abuse, and the group oversees the state's Office of Addiction Service and Supports, which serves over 730,000 individuals per year, according to an annual report. In 2023, 33 out of every 100,000 New Yorkers lost their lives to drug overdoses, the report notes. The legislation comes as some states push forward with other crypto-related initiatives to assist schools as well, like Wyoming, where cash generated by the reserves of its soon-to-be-released stablecoin will get swept into the Cowboy State's education fund. As of 2023, cryptocurrencies like Bitcoin were treated as cash equivalents for tax purposes in New York, among seven other states, including California, according to Bloomberg Tax. A more recent tax guide from crypto accounting software firm Bitwave says that digital assets are already subject, like other assets, to capital gains tax, gift tax, and estate tax in New York. Wyoming's Stablecoin Billed as Yield-Bearing Alternative to CBDC Control In its initial form, the scope of Steck's bill is broad, with tax implications for NFTs, digital assets obtained through mining and staking, as well as stablecoins, based on its text. The New York Department of Financial Services, which regulates crypto firms through its BitLicense regime, would not provide Steck with data on the volume of crypto transactions, his memo notes. In a quarterly report, the regulator said it supervised 845 million transactions across 20 total institutions in 2024, but did not include the dollar amount. The data likely doesn't capture residents' crypto transactions as well, so Steck found a workaround: He took the dollar-value of cryptocurrency that crypto analytics firm Chainalysis said was sent to the U.S. between July 2022 and June 2023, roughly $1 trillion, and adjusted that based on New York's share of U.S. GDP in 2024, yielding $79 billion. Ethereum ETF Inflows Outpace Bitcoin ETFs for Fifth Straight Day That number could be higher, with New York City serving as the epicenter of the financial world and home to a growing number of crypto-native firms like stablecoin issuer Circle, crypto exchange Gemini, and institutional firm Galaxy Digital. Steck highlights scrutiny that the digital assets industry faced following the collapse of crypto exchange FTX in 2022, saying it has been 'vulnerable to fraud and scams.' The memo lists Gemini, among other firms, as companies that were accused of defrauding clients. Decrypt reached out to Gemini for comment, but did not receive a response. Gemini to Pay Another $50 Million in Latest Settlement Over Earn Program New York State Attorney General Letitia James recovered $50 million worth of digital assets from Gemini through a settlement last year, after accusing the exchange of misleading investors about risks associated with its Earn platform. In 2023, James brought a lawsuit against the exchange, bankrupt crypto lender Genesis, and crypto conglomerate Digital Currency Group for allegedly defrauding 230,000 investors out of more than $1 billion. Steck's memo also highlights the enormous amount of energy that computers consume when participating in the process of mining, or validating Bitcoin transactions, describing the environmental impacts of cryptocurrencies as 'another downside.' Sign in to access your portfolio
Yahoo
7 hours ago
- Yahoo
Former US Representative Matt Gaetz Buys Pudgy Penguins' PENGU, Calls It 'Digital Penguins'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Former U.S. Representative Matt Gaetz stated on X that he has purchased the Pudgy Penguins token PENGU (CRYPTO: PENGU), calling them "digital penguins" and exclaiming, "What a time to be alive."Cryptocurrency Ticker Price Market Cap 7-Day Trend Pudgy Penguins (CRYPTO: PENGU) $0.03359 $2.1billion -7.7% Dogecoin (CRYPTO: DOGE) $0.2262 $33.9 billion +5.3% Shiba Inu (CRYPTO: SHIB) $0.00001300 $7.7 billion +3% Trader Notes: Crypto trader Broski labelled PENGU the best long-term investment of the bull run, recommending purchases on every dip. Trader Fuel praised its "most passionate" community and largest mindshare in 2025, targeting a $50 billion market capitalization. Trending: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — Osemka, however, noted recent weakness in PENGU's price action, warning that a break of diagonal support could trigger a double zigzag correction similar to May–June's move. Community News: The Pudgy Penguins community has announced that BTCS Inc (NASDAQ:BTCS), a NASDAQ-listed company holding over $300 million in Ethereum, has added three Pudgy Penguins NFTs to its treasury. PENGU has also gone live on Ripio, one of Latin America's largest exchanges, following its recent Arkham listing. After winning the Kraken and Williams Racing's Meme Coin Showdown by leading in trading volume, PENGU will serve as the mascot for the F1 Singapore Grand Prix. Pudgy Penguins CEO Luca Netz shared in a recent podcast that the project's vision extends beyond memes, aiming to become a licensing and IP powerhouse. With $40 million in current annual revenue from royalties, staking, plush toys, collectibles, brand partnerships, content, and events, they target $100 million next year with a stronger Web3 push. Read Next: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Image: Shutterstock This article Former US Representative Matt Gaetz Buys Pudgy Penguins' PENGU, Calls It 'Digital Penguins' originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
8 hours ago
- Yahoo
Altcoin Season Could Begin in September as Bitcoin's Grip on Crypto Market Weakens: Coinbase Institutional
Altcoin season may be weeks away, according to Coinbase Institutional's latest monthly outlook, which forecasts a shift in market leadership from bitcoin to alternative cryptocurrencies beginning in September. Altcoin season refers to a market phase when cryptocurrencies other than bitcoin — often led by Ethereum's ETH, Solana's SOL, and other large-cap tokens — post significantly higher percentage gains than BTC over a sustained period. The Aug. 14 report, authored by David Duong, Coinbase's global head of research, identifies three main drivers: falling bitcoin market dominance, improving liquidity and growing investor willingness to rotate into higher-beta assets. Duong frames this as a cyclical transition, with capital moving down the risk curve as market confidence builds. Bitcoin dominance — its share of total crypto market value — has shown signs of softening after peaking earlier this year. Coinbase argues that as this measure declines, capital historically flows into large-cap altcoins, and then into mid- and small-cap names. This rotation effect, they suggest, will become more pronounced in September. Liquidity trends are also turning more favorable for altcoins. Coinbase notes tighter bid-ask spreads and deeper order books across major exchanges, making it easier for traders to enter and exit altcoin positions without incurring heavy slippage. Improved liquidity often encourages participation from larger players who might otherwise avoid less-traded tokens. The third factor is sentiment. Duong writes that as macro conditions stabilize and volatility remains contained, investors are more likely to seek higher returns in riskier crypto assets. This environment could foster sustained inflows into the altcoin market, particularly if bitcoin's price consolidates rather than surges to new highs. Coinbase stops short of predicting which tokens will lead the charge but highlights the pattern from previous market cycles, where blue-chip altcoins outperformed first, followed by smaller-cap assets. The report cautions that while September may mark the start, the duration and magnitude of the move will depend on both market and macroeconomic conditions. BTC is up 27.2% year-to-date but has trailed some major altcoins such as ETH (+37.9%) and XRP (+49%), while others like SOL (+1.67%), ADA (+8.96%) and DOGE (-27.5%) have lagged. Coinbase maintains that market conditions overall could favor a broader rotation into altcoins in the coming months. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
