Key takeaways
BtcTurk has halted crypto withdrawals after a suspected hack drained over $48 million from its hot wallets. The attacker is actively laundering the stolen funds across multiple chains, mainly converting them to Ether.
Turkish crypto exchange BtcTurk has suspended withdrawals following a major security breach, with estimated losses exceeding $48 million.
The attacker started swapping the loot for Ethereum [ETH] across multiple chains. For now, users are left watching their funds get rerouted, while BtcTurk scrambles to contain the damage.
A suspicious glitch turned major glitch
BtcTurk halted crypto withdrawals and deposits on the 14th of August after spotting unusual activity in its hot wallets. Initially described as a “technical issue,” the pause has since raised alarms.
Source: X
Cybersecurity firm Cyvers flagged suspicious transactions across Ethereum, Avalanche [AVAX], Arbitrum [ARB], Base [BASE], Optimism [OP], Mantle [MNT], and Polygon [MATIC] all pointing to a coordinated exploit.
The exchange assured users that its cold wallets (where most assets are stored) remain secure, but the incident further undermines confidence in BtcTurk’s hot wallet infrastructure.
This incident follows a similar $55 million security breach in 2024, raising ongoing concerns about the platform’s vulnerability.
Hacker on the move, exchange on high alert
The attacker didn’t waste time and quickly began moving funds across wallets and swapping them for ETH using MetaMask.
Lookonchain initially reported at least $23 million in stolen assets, while blockchain security firm CertiK estimated the losses to be closer to $50 million.
Source: EtherScan
BtcTurk has publicly confirmed a security breach, stating that its security teams have notified authorities and launched a full investigation.
Despite the incident, trading and fiat transactions remain operational, indicating that the breach was limited to the platform’s crypto hot wallets.
In an official statement, BtcTurk said:
“During inspections conducted on August 14, 2025, unusual activity was detected in our hot wallets. As a precaution, cryptocurrency deposits and withdrawals have been temporarily suspended.”
Meanwhile,hackers are actively laundering stolen assets across blockchain networks, intensifying the race to trace and freeze the funds before they disappear.
