BtcTurk Suspends Withdrawals Amid $48M Hack Investigation

Turkish cryptocurrency exchange BtcTurk has halted all deposits and withdrawals after reports of a suspected $48 million hack. According to cybersecurity firm Cyvers, unusual activity was detected across multiple networks, including Ethereum, Avalanche, and Polygon.

BtcTurk cited a 'technical issue' with hot wallets while keeping trading and local currency operations active. Most user funds remain secure in cold storage, the exchange stated. Authorities have been notified as investigations continue.

The attacker reportedly moved stolen assets to two addresses and began swapping them immediately after the breach. BtcTurk assured users that comprehensive security measures have been implemented during the ongoing investigation.