BtcTurk, a prominent digital asset trading platform based in Turkey, has temporarily suspended cryptocurrency withdrawals after the detection of unusual activity impacting its hot wallets.
The company stated that trading and traditional currency transactions remain operational; however, cryptocurrency deposits and withdrawals are currently paused.
Cyvers, a firm specializing in blockchain security, reported on August 14th the irregular movement of approximately $48 million worth of digital currencies. These transfers, involving cryptocurrencies such as Ethereum
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BtcTurk stated that the suspicious activity was discovered during regularly scheduled security audits. The exchange communicated:
Following inspections conducted on August 14, 2025, anomalous activity was identified within our hot wallets. As a safety measure, we have temporarily suspended cryptocurrency deposits and withdrawals.
Cyvers has indicated that the majority of BtcTurk’s assets are secured in cold wallets, which are kept offline and remain unaffected by the potential security breach. The company also confirmed that law enforcement agencies have been notified and that additional security measures are being implemented.
Lookonchain reported that at least $23 million in assets were compromised, while CertiK estimates the figure to be no less than $50 million.
Lookonchain also noted that the perpetrator has initiated the process of converting a portion of the misappropriated digital tokens into Ethereum. CertiK has pinpointed three digital wallet addresses connected to the illicitly obtained funds: two Ethereum addresses, specifically 0x7D91D1 and 0xA041Fe, and one Solana address, identified as 9sjdD9Xg.
Recently, the crypto exchange Coinbase acknowledged a loss of approximately $300,000 in tokens. Want to know more? Read the full story.