The Turkey-based cryptocurrency exchange BtcTurk suspended its cryptocurrency deposit and withdrawal services on August 14, 2025, due to unusual transactions detected in its hot wallets. The company reported that transactions would be reopened after security reviews and that most user assets are stored in cold wallets.
In a statement made on August 14, 2025, BtcTurk announced that it had detected unusual transfers in its hot wallets. The company stated that it temporarily halted cryptocurrency deposit and withdrawal transactions as a security measure, but that Turkish lira transactions and trading services continued uninterrupted. BtcTurk officials expressed that official authorities were informed after the detection of the incident and that necessary steps were taken.
Blockchain security companies Cyvers and CertiK reported that approximately $48 to $50 million worth of digital assets were transferred from the exchange’s wallets to different Blockchain networks. It was noted that a large portion of these assets was consolidated at two addresses on the Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon networks. Cyvers stated that the suspicious addresses had begun converting the assets and that they were in contact with the BtcTurk team. CertiK also explained that the transfers were detected by their systems and that exchange officials responded quickly.
The company emphasized that the mentioned anomalies only affected hot wallets and that a large portion of user assets is held in secure cold wallets. In a similar incident that occurred in June 2024, uncontrolled withdrawals were made from hot wallets, affecting ten different cryptocurrencies, and user assets were returned. It is expected that the exact amount of loss and the scope of the incident will be confirmed with official statements following the current investigation.
BtcTurk aims to restart cryptocurrency deposit and withdrawal transactions after the reviews are completed. The blockchain community argues that stronger cybersecurity measures should be made mandatory in exchanges to prevent such incidents.
