Leading Turkish cryptocurrency exchange Btc Turk has announced a temporary suspension of crypto deposit and withdrawal services after detecting unusual activity in its hot wallets during routine security checks.

The company emphasized that the move is precautionary and that user assets remain secure, with the majority of holdings stored in cold wallets, which are offline and insulated from potential threats. In an update shared via X, the cryptocurrency exchange assured users that its robust financial infrastructure ensures no impact on customer funds.

The exchange’s confirmation of the incident came a few hours after the blockchain analytics and security firm Cyvers said it had detected a hack involving $48 million in digital assets. In its own alert on X, Cyvers noted that the attacker had since “completed the transfers and begun swapping assets.”

While crypto transfers are paused, buying and selling of cryptocurrencies as well as Turkish lira deposits and withdrawals continue to operate without disruption, allowing users to maintain trading activity.

“Our detailed investigations are ongoing, official authorities have been informed, and all necessary security measures have been taken,” the company stated. “We thank you for your understanding and will continue to share developments with you.”

The exchange has not disclosed the nature of the detected movements or whether any assets were compromised. Btc Turk has said it expects to resume full services once internal reviews and security enhancements are complete.

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