TLDR
- BtcTurk halts withdrawals after a $48M hack involving Ethereum and other blockchains.
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The exchange assures users most assets are secure in cold wallets, unaffected by the hack.
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BtcTurk’s hot wallets were compromised, with funds moved across several blockchain networks.
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This hack follows a similar $55M breach in 2024, highlighting ongoing security concerns.
BtcTurk, a major Turkish cryptocurrency exchange, has temporarily halted crypto withdrawals after detecting unusual activity in its hot wallets. The suspicious transactions, estimated to involve $48 million in crypto assets, were flagged by blockchain security firm Cyvers. The hacker reportedly moved the funds across multiple blockchain networks, including Ethereum (ETH), Avalanche (AVAX), Arbitrum (ARB), and others, before consolidating them into two addresses.
Cyvers was able to detect the suspicious outflows approximately 30 minutes before BtcTurk issued a public alert. The compromised assets were seen being swapped for Ethereum via MetaMask. While the stolen amount is pegged at $48 million by Cyvers, other tracking platforms, such as CertiK, estimate the losses could exceed $50 million, citing the involvement of three wallets, including two Ethereum and one Solana address.
BtcTurk Exchange Assures User Funds Are Safe
Following the hack, BtcTurk took immediate action by suspending all cryptocurrency withdrawals. However, the exchange clarified that its fiat transactions and trading features remained unaffected.
In a statement, BtcTurk assured users that the majority of its assets are stored in secure cold wallets, which were not impacted by the breach. The exchange also confirmed that it had alerted the relevant authorities and was working with cybersecurity experts to investigate the incident.
🚨ALERT🚨$48M worth of digital assets have been detected in unusual activity across multiple chains involving Turkish exchange @btcturk
About 30 minutes ago, our system detected multiple alerts across $ETH, $AVAX, $ARB, $BASE, $OP, $MANTLE, and $MATIC networks. Most funds were… pic.twitter.com/ss4a7O2hUd
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) August 14, 2025
“Most of our assets remain safe in cold storage, and the situation is being handled with the utmost priority,” BtcTurk said in its announcement. Despite the breach, the exchange has reiterated its commitment to secure operations and further improving its security infrastructure.
Previous Security Incident and Ongoing Investigation
This latest hack comes just over a year after BtcTurk experienced another significant security breach in June 2024, when attackers stole $55 million from the exchange’s hot wallets. That incident was attributed to compromised private keys.
Binance helped recover around 10% of the stolen funds by freezing a portion of the assets. The 2024 breach had ripple effects on the broader market, contributing to price drops in certain tokens as large amounts of stolen crypto were offloaded into the market.
The latest exploit underscores the ongoing vulnerabilities in BtcTurk’s security practices, particularly regarding the management of hot wallets. The exchange has emphasized that it is actively investigating the situation and is committed to strengthening its security measures to prevent future breaches. Withdrawals will remain suspended until further notice while the investigation is ongoing.
Broader Impact on the Crypto Industry
The hack at BtcTurk is the latest in a series of high-profile security breaches affecting crypto exchanges. Earlier this year, ByBit suffered the largest crypto heist to date, with hackers stealing $1.5 billion. This incident attracted global attention due to the scale and sophistication of the attack, highlighting the continuing risks faced by centralized cryptocurrency exchanges.
While BtcTurk’s response to the breach has been swift, the hack raises broader concerns about the security of hot wallets and the growing need for better security practices in the crypto space. As the industry matures, there is an increasing call for exchanges to adopt stronger measures to protect user funds from such attacks, including more robust multi-signature systems and enhanced monitoring of blockchain transactions.
In the aftermath of the BtcTurk breach, other exchanges and industry participants are likely to review their security protocols. The evolving landscape of crypto-related cyberattacks may lead to further regulatory scrutiny and calls for improved cybersecurity standards across the sector.
