BtcTurk Suspends Crypto Withdrawals After $48M Hack

In a major development impacting the Turkish cryptocurrency landscape, leading exchange BtcTurk has abruptly suspended all crypto withdrawals and deposits after cybersecurity alerts signaled a massive theft of digital assets. According to reports, the breach has resulted in losses estimated between $23 million and $50 million, with the hack targeting the platform’s hot wallets.

Unusual Activity Sparks Swift Response

The incident came to light on August 14, 2025, when cybersecurity firm Cyvers detected suspicious movements involving $48 million worth of digital assets, primarily Ether (ETH). BtcTurk responded promptly by halting deposit and withdrawal functions, citing a “technical issue” with its hot wallets. Despite these restrictions, users can still trade and conduct local currency transactions, maintaining some stability on the platform.

BtcTurk assured its users that the bulk of its holdings are stored in secure cold wallets, meaning most client assets are reportedly safe from the breach. In its official statement, the exchange highlighted its proactive measures and noted that authorities have been notified while a comprehensive investigation gets underway.

Hacker Activity and Ongoing Investigations

Further investigation revealed that the attacker quickly began moving stolen assets to two wallets, with ongoing efforts to swap them for Ether. Security platforms, including Lookonchain and CertiK, tracked the assets’ movement across multiple networks, noting the swap activities via MetaMask as of publishing time. The exact value of the stolen assets remains under review, with estimates fluctuating as forensic analysis continues.

This latest hack follows a previous incident in June 2024, which saw BtcTurk report unauthorized withdrawals resulting in $55 million in losses. Security remains a top concern for both the exchange and its users as cyber threats to crypto platforms become increasingly sophisticated.

With local currency withdrawals and trading still operational, BtcTurk is focused on restoring confidence and securing user assets. Their strong emphasis on cold wallet storage and quick collaboration with authorities highlights a commitment to minimizing impact and ensuring platform resilience in the face of emerging cyber threats.

As investigations proceed, the crypto community watches closely for updates and lessons from BtcTurk’s decisive response—an important reminder of the importance of security in the digital asset space.

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