BtcTurk Exchange Suspended Due to $48 Million Exploit

Turkish cryptocurrency exchange BtcTurk has suspended withdrawals amid reports that the platform has suffered significant losses due to a hack.

Suspicious activity was first detected by cybersecurity company Cyvers, which reported transactions involving nearly $48 million in cryptocurrency.

Our system has detected multiple alerts on the ETH, AVAX, ARB, BASE, OP, MANTLE and MATIC networks, Cyvers reported.

The company added that the attacker moved the assets to two addresses and began exchanging them.

Subsequently, the Turkish platform BtcTurk suspended deposits and withdrawals, citing a “technical problem” with hot wallets. However, trading and operations in local currency continued.

During the checks conducted on August 14, 2025, unusual activity was detected in our hot wallets. As a precaution, cryptocurrency deposits and withdrawals have been temporarily suspended, BtcTurk said in a statement.

The company noted that most of the exchange assets are stored in secure “cold” wallets, so the alleged attack will not affect users’ assets.

Interestingly, analysts disagree on the estimated losses from the possible exploit. Lookonchain platform experts report that the stolen assets are valued at at least $23 million, while CertiK estimates the losses at around $50 million. Also, according to Lookonchain, the hacker has already begun exchanging the stolen assets for эфириум.

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