Exchange Halts Operations Following Suspicious Activity

Turkish cryptocurrency platform BtcTurk abruptly suspended all withdrawal services on August 14, 2025 after detecting anomalous transactions across multiple blockchain networks. Cybersecurity firm Cyvers identified 【$48 million】 in digital assets moving through seven different networks including Ethereum and Polygon, with funds being consolidated into two suspicious addresses.

Contradictory Loss Estimates Emerge

While BtcTurk described the incident as a "technical issue," blockchain analysts presented conflicting damage assessments. Lookonchain reported 【$23 million】 in stolen assets, whereas CertiK's initial estimate reached 【$50 million】. The discrepancy stems from differing methodologies in tracking cross-chain fund movements across ETH, AVAX, and Solana networks.

Cold Storage Safeguards Remain Intact

——The exchange confirmed its cold wallet reserves—— containing the majority of user assets weren't compromised. Trading and fiat currency transactions continue normally, suggesting the breach targeted only operational hot wallets. This marks the platform's second major security incident since June 2024, when hackers stole 【$55 million】 in a similar attack.

Hacker's Obfuscation Tactics Unfold

Blockchain data reveals the attacker began systematically converting stolen tokens to Ether shortly after the breach. Etherscan records show the perpetrator utilizing MetaMask's swap function across three identified wallets, including addresses on Ethereum (0x7D91D1...) and Solana (9sjdD9Xg...) networks.

Leadership Changes Preceded Incident

The security breach follows BtcTurk's July 2024 executive reshuffle, where founder Kerem Tibuk replaced long-time CEO Özgür Güneri during global expansion preparations. Industry observers note the timing raises questions about potential transitional vulnerabilities in security protocols.

Regulatory Response Pending

Turkish authorities have been notified as forensic investigations continue. The exchange's statement emphasized most assets remain protected in cold storage, though users face indefinite withdrawal freezes until the security review concludes. This incident highlights persistent challenges in securing hot wallet infrastructure across crypto exchanges.