Suspicious Activity in Hot Wallets
Cryptocurrency exchange BtcTurk has temporarily suspended deposits and withdrawals of digital assets, citing a “technical issue” in its hot wallets. The move followed reports of a potential attack in which the exchange may have lost tens of millions of dollars.
One of the first to report the possible breach was Cyvers, a cybersecurity company. On August 14, 2025, its systems detected abnormal asset movements worth $48 million, including Ethereum (ETH). The suspicious activity affected the ETH, AVAX, ARB, BASE, OP, MANTLE, and MATIC networks. According to Cyvers, the attacker distributed the funds across two addresses and began token-swapping operations.
Official Response from BtcTurk
In a statement published at 13:17 UTC, BtcTurk representatives confirmed that “unusual activity” in the hot wallets was identified during an internal review on August 14. In response, the exchange blocked cryptocurrency transactions, while trading and fiat operations continued as normal.
BtcTurk assured users that most assets are stored in cold wallets and were not affected. The exchange notified authorities and stated that all necessary security measures have already been taken.
The announcement also noted that buying, selling, and withdrawals of Turkish lira are continuing without disruption.
The exact scale of potential losses is still being clarified. Lookonchain reported the theft of $23 million in assets, while CertiK analysts estimate damages at no less than $50 million. According to Lookonchain, the attacker has begun exchanging the stolen tokens for ETH.
Background and Previous Incidents
This is not the first compromise of hot wallets on the platform. In June 2024, BtcTurk faced an attack in which approximately $55 million was withdrawn. At that time, Binance CEO Richard Teng said his company had frozen $5.3 million in stolen funds and was assisting in the investigation.
In July 2024, BtcTurk CEO Özgür Güneri stepped down after seven years in the role. He was temporarily replaced by the exchange’s founder Kerem Tibuk, while Güneri remained on the board of directors. The leadership change was accompanied by an announcement of plans to expand into the Latin American, African, and Asia-Pacific markets.
This post is for informational purposes only and does not constitute advertising or investment advice. Please conduct your own research before making any financial decisions.
