BtcTurk Halts Withdrawals Amid Suspected $48M Crypto Hack

Turkish cryptocurrency exchange BtcTurk has halted withdrawals amid reports suggesting that the platform has suffered a major loss of funds due to a hack. The move comes as cybersecurity firm Cyvers reported detecting $48 million worth of digital assets involved in unusual activity.

According to Cyvers, the attacker had moved the assets to two addresses and begun swapping them across multiple networks, including ETH, AVAX, ARB, BASE, OP, MANTLE, and MATIC. The firm warned that the attacker was seeking to cash out the stolen assets for Ether (ETH).

BtcTurk subsequently halted deposits and withdrawals, citing a "technical issue" with hot wallets, while trading and local currency withdrawals and deposits remained active. However, the exchange assured users that cold wallet funds are safe.

"During inspections conducted on Aug. 14, 2025, unusual activity was detected in our hot wallets," BtcTurk said in a statement shared at 1:17 pm UTC. "As a precautionary measure, cryptocurrency deposits and withdrawals have been temporarily suspended."

Most Exchange Assets Held in Secure Cold Wallets

BtcTurk highlighted that most exchange assets are held in secure cold wallets, assuring the public that user assets are unaffected by the suspected attack. "While our detailed investigation continues, authorities have been informed and all necessary security measures have been taken," the exchange said.

Estimates of Assets Lost Vary Across Cybersecurity Platforms

Estimates of assets lost in the alleged hack varied across cybersecurity platforms at the time of writing. Platforms like Lookonchain reported at least $23 million in stolen assets, while CertiK estimated the losses to be worth at least $50 million.

Hacker Swapping Stolen Assets for Ether

According to Lookonchain, the hacker has started swapping the stolen assets to Ether. CertiK said that the hacked assets have been withdrawn across three wallets, including two Ethereum addresses and a Solana (SOL) address.

Suspected Hack Comes Amid Global Crypto Concerns

Thursday's suspected hack comes just over a year after a June 2024 breach in which BtcTurk reported unauthorized withdrawals from some hot wallets, resulting in losses of around $55 million. The incident led to the freezing of more than $5.3 million in stolen funds while assisting the investigation.

BtcTurk's Global Expansion Plans

In July 2024, BtcTurk's long-serving CEO Özgür Güneri stepped down after seven years at the helm as the company laid the groundwork for global expansion into markets in Latin America, Africa, and the Asia-Pacific region. BtcTurk founder Kerem Tibuk took over as acting CEO, while Güneri remained on the board.