BtcTurk
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 52. Problems weighed by who is responsible: incidents the subject suffered −20, concerns that are not fraud −13.2, problems around the subject, caused by others −0.3; legitimacy credit long-running +10; the penalty for incidents it suffered is capped at 20. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -13.2 |
| Incidents it suffered (e.g. hacks) | -20 |
| Problems around it, caused by others | -0.3 |
| Long-running | +10 |
| Sum | 42 |
- The penalty for incidents it suffered is capped at 20 points.
Score: 52/100 (kept between 0 and 100)
How scoring works →Summary
BtcTurk is Turkey's oldest and largest centralized cryptocurrency exchange, founded in 2013 in Istanbul. The exchange has suffered two major hot wallet breaches in 14 months — approximately $55 million stolen in June 2024 and approximately $48–$49 million in August 2025 — both attributed to private key compromise, establishing a pattern of repeated critical security failures. Despite operating under Turkish regulatory frameworks (CMB and MASAK) and maintaining cold wallet protections, the exchange's inability to prevent a second near-identical attack within a year raises serious concerns about the adequacy of its security controls.
Connected Entities
13 entities · 60 linked investigations- Ethereum→mentioned with→Coinbase(60%)
- Ethereum→mentioned with→Bitcoin(60%)
- Mantle→mentioned with→Ethereum(80%)
- Mantle→mentioned with→Polygon(60%)
- Optimism→mentioned with→Arbitrum(65%)
- ZachXBT→mentioned with→Ethereum(70%)
- Optimism→mentioned with→Ethereum(80%)
- Optimism→mentioned with→Coinbase(60%)
- ZachXBT→mentioned with→Bitcoin(65%)
- ZachXBT→mentioned with→Binance(60%)
- + 39 more
Timeline(10 events)
July 2013
BtcTurk founded by Kerem Tibuk in Istanbul, Turkey. Claims to be the world's fourth cryptocurrency exchange and Turkey's first.
Bitget Academy — BTCTurk GuideApril 2022
Reports emerge that Coinbase is in acquisition talks with BtcTurk at a valuation of approximately $3.2 billion. No transaction results.
CoinDeskJune 2024
BtcTurk suffers a cyberattack on June 22, 2024. Private keys controlling ten hot wallets are compromised. Estimated $55 million stolen across multiple cryptocurrencies including AVAX, ETH, ARB, and others. ZachXBT identifies attacker address and AVAX movements to Coinbase and THORChain.
Euronews / Halborn / ZachXBTJune 2024
Binance freezes approximately $5.3 million in stolen funds and assists with investigation. ZachXBT links the BtcTurk attacker to a contemporaneous $3.5 million hack of Sportsbet casino.
The Block / DailyCoinJuly 2024
CEO Ozgur Guneri resigns after approximately seven years. Founder Kerem Tibuk assumes acting CEO role. Guneri remains on the board.
BloombergJuly 2024
Turkish Parliament enacts legislation formally requiring crypto asset service providers to obtain operating licenses from the Capital Markets Board (CMB).
LightsparkDecember 2024
MASAK introduces regulation requiring user identification for crypto transactions exceeding 15,000 Turkish lira (approximately $425).
Notabene — Travel Rule TurkeyMarch 2025
CMB publishes secondary communiques formalizing CASP licensing requirements. Full compliance required by June 30, 2026.
MondaqAugust 2025
BtcTurk suffers a second major hot wallet breach on August 14, 2025 — approximately 14 months after the 2024 incident. Private key compromise across seven blockchain networks results in an estimated $48–$49 million stolen. Exchange suspends deposits and withdrawals and notifies law enforcement.
CoinDesk / The RecordAugust 2025
BtcTurk launches a $2.4 million recovery bounty program offering up to 5% of recovered funds for actionable intelligence.
HackenProofDecision Log
- slot 455363869 · hash 4T9912RVhpBGoCH25uZPW8NW9zZZkRXzd36qnVPHyuRS
- slot 419822624 · hash A2FA2pUDZijTStnkcvKq5ArVbooqFGg3NSSPT728zZ62
This investigation is cryptographically anchored to the Solana blockchain (2 decisions).
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:31 AM
last updated: 10/10/2026, 6:44:09 PM
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