BtcTurk halts withdrawals amid suspected $48M crypto hack

BtcTurk halted deposits and withdrawals, citing a “technical issue” with hot wallets, while trading and local currency withdrawals and deposits remained active.

Turkish cryptocurrency exchange BtcTurk has halted withdrawals amid reports suggesting that the platform has suffered a major loss of funds due to a hack.

Cybersecurity firm Cyvers took to X on Thursday to report that it had detected $48 million worth of digital assets, including Ether (ETH), involved in unusual activity.

“Our system detected multiple alerts across ETH, AVAX, ARB, BASE, OP, MANTLE and MATIC networks,” Cyvers reported, adding that the attacker had moved the assets to two addresses and begun swapping them.

BtcTurk subsequently halted deposits and withdrawals, citing a “technical issue” with hot wallets, reporting that trading and local currency withdrawals and deposits remained intact.

“Due to a technical issue in hot wallets, cryptocurrency deposits and withdrawals are halted. Further notification will be shared once they are back up. Crypto buy and sell orders, as well as Turkish lira deposits and withdrawals are uninterrupted,” BtcTurk said in an announcement shared at 12:43 pm UTC.

This is a developing story, and further information will be added as it becomes available.