BtcTurk Loses $48M in Hot Wallet Hack Across Ethereum, Arbitrum, and Polygon

Turkish crypto exchange BtcTurk reported a $48 million loss on 1 January 2026 after attackers drained funds from its hot wallets on Ethereum, Arbitrum and Polygon. The incident is the platform's third major hack since 2024, following earlier breaches in June 2024 and August 2025, and raises fresh questions about its custodial security and regulatory oversight.