BtcTurk Halts Withdrawals Amid Suspicious $48 Million Transactions

One of Turkey’s largest cryptocurrency exchanges, BtcTurk, has reportedly fallen victim to a $48 million hack, according to cybersecurity experts at Cyvers.

🚨ALERT🚨$48M worth of digital assets have been detected in unusual activity across multiple chains involving Turkish exchange @btcturk

About 30 minutes ago, our system detected multiple alerts across $ETH, $AVAX, $ARB, $BASE, $OP, $MANTLE, and $MATIC networks. Most funds were… pic.twitter.com/ss4a7O2hUd

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) August 14, 2025

Analysts detected suspicious transfers linked to the crypto platform’s hot wallets. The perpetrator moved funds in Ethereum, Avalanche, Arbitrum, and other networks, directing them to two addresses.

Experts at Lookonchain noted that the cybercriminal began exchanging the stolen cryptocurrency for ether.

Update: BtcTurk (@btcturk) was hacked for more than $48M!

The hacker is swapping the stolen assets for $ETH.

Address:
0x0fe41fe8786329fb6bd8f2baa73aa55e770f0951
0xa041feb3a8297c5689fee180083164a061a17fd6
0x7D91D1ebeBA91257733a523409125aEdac5d8b6Ehttps://t.co/GYJhhdA1ra pic.twitter.com/zzkIG2C25L

— Lookonchain (@lookonchain) August 14, 2025

BtcTurk responded swiftly by halting deposits and withdrawals of digital assets. Trading on the platform and operations with the Turkish lira remain available.

Back in June 2024, BtcTurk was hacked with blockchain researchers estimating the damage at $54 million. Later, Binance CEO Richard Teng reported freezing $5.3 million of the stolen funds and assisting the Turkish crypto exchange in the investigation.