BtcTurk stopped all cryptocurrency deposits and withdrawals after detecting suspicious activity in its hot wallets. The incident happened on August 14, 2025. Reports suggest the breach caused a loss of around $48 million in digital assets.
Cyvers, a cybersecurity firm, detected unusual transactions on several blockchain networks. These included Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon. The attacker moved the stolen funds to two separate wallet addresses. Then, the attacker began swapping the assets for other tokens.
BtcTurk confirmed it detected the suspicious activity during routine inspections. The exchange described the disruption as a “technical issue” affecting its hot wallets. As a precaution, it suspended all cryptocurrency deposits and withdrawals. However, trading services continued without interruption. Turkish lira deposits and withdrawals also remained active.
Cold Wallets Remain Secure, Says BtcTurk
BtcTurk stated that most of its assets are stored in cold wallets. Cold wallets are offline and not connected to the internet. They are less vulnerable to direct hacking attempts. The exchange said these funds remain safe and unaffected by the incident.
In its statement, BtcTurk confirmed authorities had been notified immediately. The team also implemented all necessary security measures without delay. Investigations into the breach are ongoing.
Cyvers reported that the attack targeted multiple networks in a coordinated way. The exact method used in the breach remains unknown. Both BtcTurk and external experts are continuing to analyze the incident.
BtcTurk serves millions of users in Turkey. The breach adds to a growing list of attacks targeting crypto exchanges worldwide. Such incidents highlight ongoing risks linked to storing funds in hot wallets.
