BtcTurk Halts Withdrawals After $48M Crypto Hack Sparks Panic
Turkish crypto exchange BtcTurk has halted cryptocurrency withdrawals after a suspected hack drained over $48 million from its hot wallets, leaving users reeling in shock and concern for their funds. The attack, which occurred on August 14, 2025, was reportedly detected during an inspection of the platform's hot wallets, prompting BtcTurk to temporarily suspend deposits and withdrawals as a precautionary measure.
The attacker, who has been actively swapping stolen assets across multiple blockchain networks, including Ethereum (ETH), Avalanche (AVAX), Arbitrum (ARB), Base (BASE), Optimism (OP), Mantle (MNT), and Polygon (MATIC), has already begun laundering the stolen funds. This swift move has raised alarm bells among users, who are now watching helplessly as their funds get rerouted.
According to cybersecurity firm Cyvers, suspicious transactions were flagged across all of these blockchain networks, pointing to a coordinated exploit. While BtcTurk assured users that its cold wallets (where most assets are stored) remain secure, the incident has further eroded confidence in the platform's hot wallet infrastructure.
A Similar Breach in 2024 Raises Concerns
This incident follows a similar $55 million security breach in 2024, which highlighted ongoing concerns about BtcTurk's vulnerability. The recent attack has sparked fears that the exchange's hot wallets remain a weak link, leaving users vulnerable to similar exploits.
The Aftermath: Trading and Fiat Transactions Remain Operational
Despite the security breach, trading and fiat transactions on BtcTurk continue to operate normally, indicating that the breach was limited to the platform's crypto hot wallets. However, the incident has sent shockwaves through the cryptocurrency community, with users scrambling to protect their funds and exchange staff working tirelessly to contain the damage.
In an official statement, BtcTurk confirmed a security breach, stating that its security teams have notified authorities and launched a full investigation. The exchange assured users that it is taking all necessary steps to prevent similar breaches in the future.
The Role of Hot Wallets in Crypto Exchanges
Hot wallets remain a weak link in cryptocurrency exchanges, as demonstrated by this recent breach. The attack highlights the need for robust security measures and regular audits to prevent similar incidents. As other exchanges tighten their security protocols, it is essential for users to prioritize cold wallet storage and stay vigilant against potential threats.
A Broader Trend: Crypto Exchanges Under Scrutiny
This incident is part of a broader trend in crypto, where hot wallets continue to be a vulnerability point. Repeated breaches, like the one at BtcTurk, chip away at trust among users and emphasize the need for continuous security updates and enhancements.