BtcTurk Exchange Suspends Withdrawals After $48M Hack

Cybersecurity firm Cyvers detected unusual activity across multiple networks, including Ethereum, Avalanche, and Polygon.

Turkish cryptocurrency exchange BtcTurk has halted all deposits and withdrawals following reports of a suspected $48 million hack. Cybersecurity firm Cyvers detected unusual activity across multiple networks, including Ethereum, Avalanche, and Polygon.

The exchange cited a "technical issue" with hot wallets while keeping trading and local currency operations active. Most user funds remain secure in cold storage, according to BtcTurk's official statement.

Authorities have been notified as investigations continue. The attacker reportedly moved stolen assets to two addresses and began swapping them immediately after the breach.

BtcTurk assured users that comprehensive security measures have been implemented during the ongoing investigation. The exchange maintains that the majority of assets stored in cold wallets remain safe.

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