BtcTurk Hack: Exchange Halts Withdrawals After Suspected $48M Breach

August 14, 2025 – Turkish cryptocurrency exchange BtcTurk has stopped crypto deposits and withdrawals after a suspected $48 million hack, affecting multiple blockchain networks.

Suspected Hack Triggers Emergency Measures

On Thursday, blockchain security firm Cyvers reported detecting unusual activity involving $48 million in digital assets. The transactions spanned several blockchains, including Ethereum (ETH), Avalanche (AVAX), Arbitrum (ARB), Base, Optimism (OP), Mantle, and Polygon (MATIC).

According to Cyvers, the attacker transferred the stolen funds to two wallets and quickly began converting them into other assets.

BtcTurk Responds to Incident

Shortly after the alert, BtcTurk announced a suspension of crypto deposits and withdrawals. The exchange cited a technical issue in hot wallets as the cause, without directly confirming the breach.

“Due to a technical issue in hot wallets, cryptocurrency deposits and withdrawals are halted. Further notification will be shared once they are back up. Crypto buy and sell orders, as well as Turkish lira deposits and withdrawals, are uninterrupted,” the platform stated.

Trading Continues Despite Suspension

While crypto withdrawals remain paused, users can still trade on the platform and deposit or withdraw Turkish lira. This partial functionality suggests the breach was limited to the exchange’s hot wallets.

Past Security Concerns in the Region

Turkey’s crypto sector has faced similar incidents in the past, highlighting the ongoing security risks for exchanges. The latest BtcTurk hack adds to growing concerns over centralized exchange vulnerabilities in high-volume markets.