The Turkish cryptocurrency exchange BtcTurk has suspended cryptocurrency withdrawals due to a suspected hacker attack that resulted in significant financial losses.
Cybersecurity company Cyvers reported on Thursday on the X platform that abnormal fund flows were detected involving digital assets worth $48 million, including Ethereum (ETH).
Cyvers stated, "Our system has issued multiple alerts on the ETH, AVAX, ARB, BASE, OP, MANTLE, and MATIC networks." They added that the attackers had transferred the assets to two addresses and began exchanging them.
BtcTurk subsequently suspended cryptocurrency deposits and withdrawals, citing "technical issues" with its hot wallet, while trading and fiat currency deposit and withdrawal functions remained unaffected.
BtcTurk released a statement on August 14, 2025, at 13:17 (UTC), saying, "During our inspection, we discovered abnormal fund flows in the hot wallet. As a precaution, we have temporarily suspended cryptocurrency deposits and withdrawals."
BtcTurk emphasized that the majority of the exchange's assets are stored in secure cold wallets, ensuring that user assets have not been affected by the suspected attack.
The exchange stated, "During our ongoing detailed investigation, we have notified the relevant authorities and taken all necessary security measures."
As of the time of writing, estimates from various cybersecurity platforms regarding the assets lost in the suspected hacker attack vary. Platforms like Lookonchain report that at least $23 million in assets were stolen, while CertiK estimates the loss to be at least $50 million.
According to Lookonchain, the hackers have begun exchanging the stolen assets for Ethereum.
CertiK reported that the stolen assets were extracted through three wallets, including two Ethereum (ETH) addresses, 0x7D91D1[…], 0xA041Fe[…], and a Solana (SOL) address 9sjdD9Xg[…].
According to Etherscan data, the exchange operations for the Ethereum addresses are still ongoing, with some of the latest transactions involving MetaMask exchange functions.
This suspected hacking incident comes just over a year after BtcTurk reported unauthorized withdrawals from its hot wallet, resulting in a loss of approximately $55 million in June 2024. At that time, Binance CEO Richard Teng stated that they had assisted in the investigation and frozen over $5.3 million of the stolen assets.
In July 2024, BtcTurk's long-time CEO Özgür Güneri stepped down after seven years in office, as the company prepared to expand into global markets such as Latin America, Africa, and Asia-Pacific. Founder Kerem Tibuk took over as interim CEO, while Güneri continued to serve as a board member.
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Original article: “BtcTurk Suspends Withdrawal Services, Suspected of Suffering $48 Million Cryptocurrency Hacking Attack”
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