BtcTurk suspends crypto transactions after $48M hack linked to hot wallet breach

Turkish cryptocurrency exchange BtcTurk has confirmed a security breach affecting its hot wallet systems, leading to a temporary suspension of cryptocurrency deposits and withdrawals. The incident was first identified by cybersecurity firm Cyvers on August 14, 2025, which reported unusual transactions across multiple blockchain networks, including Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon. The attacker was observed moving $48 million worth of digital assets to two unknown addresses and initiating swaps [1].

In response, BtcTurk suspended all cryptocurrency deposits and withdrawals as a precaution, while allowing trading and local currency transactions to continue. The exchange confirmed that the breach was limited to hot wallets and that the majority of user funds remain secure in offline cold storage. “During inspections on August 14, 2025, unusual activity was detected in our hot wallets. As a precaution, cryptocurrency deposits and withdrawals have been temporarily suspended,” the exchange stated [2]. A detailed investigation is underway, and relevant authorities have been notified.

Estimates of the stolen assets vary among cybersecurity analysts. Lookonchain reported a loss of approximately $23 million, while CertiK indicated the figure could be at least $50 million. The attacker has been using decentralized platforms like MetaMask Swaps to convert the assets into Ether [3]. According to Etherscan data, the Ethereum addresses 0x7D91D1 and 0xA041Fe, along with a Solana address, were involved in the suspicious transactions [4].

This incident follows a similar breach in June 2024, when $55 million was stolen from BtcTurk. At that time, Binance helped freeze $5.3 million of the stolen funds. In July 2024, BtcTurk’s CEO Özgür Güneri stepped down, and founder Kerem Tibuk took over as acting CEO to lead the company’s global expansion efforts [5].

Despite the current security incident, BtcTurk has repeatedly assured users that their funds are safe and that all necessary security measures are being implemented. The exchange is working closely with cybersecurity firms and law enforcement to resolve the issue. The incident highlights the vulnerabilities of hot wallets—more exposed to cyber threats compared to cold storage—and raises concerns about the need for stronger security protocols as crypto exchanges continue to scale operations.

The recent breach reinforces the growing challenge of maintaining security in the fast-evolving cryptocurrency market. As BtcTurk works to mitigate the damage and restore user confidence, the broader industry is reminded of the importance of robust infrastructure and continuous monitoring to prevent such incidents.

Source:

[1] BtcTurk halts withdrawals amid suspected $48M crypto hack – Cointelegraph

(https://cointelegraph.com/news/btcturk-withdrawal-halt-hack-report)

[2] Turecká kryptoměnová burza potvrzuje bezpečnostní incident – Bitcoin.com

(https://news.bitcoin.com/cs/turecka-kryptomenova-burza-potvrzuje-bezpecnostni-incident-ujistuje-uzivatele-ze-jejich-prostredky-jsou-v-bezpeci/)

[3] BtcTurk Crypto Exchange Faces Suspected $48M Hack – Cryptonews

(https://cryptonews.com/news/btcturk-turkeys-second-largest-crypto-exchange-loses-48m-in-major-hack-whats-happening/)

[4] BtcTurk halts withdrawals amid suspected $48M crypto hack – Cointelegraph

[5] BtcTurk halts withdrawals amid suspected $48M crypto hack – Cointelegraph