tl;dr
Turkish cryptocurrency exchange BtcTurk has suspended withdrawals after blockchain analytics firms detected suspicious transactions totaling about $48.9 million, mainly in Ethereum and other cryptocurrencies. The suspension aims to allow a thorough investigation into the origin of the transfers. Btc...
The Turkish cryptocurrency exchange BtcTurk has suspended withdrawals following alerts from blockchain analytics firms about suspicious activity involving nearly $50 million moving out of its wallets. PeckShield first flagged these transfers, which primarily involved Ethereum, alongside Avalanche, Arbitrum, and other cryptocurrencies. The total estimated value of these suspicious transactions is approximately $48.9 million.
In response, BtcTurk announced on social media that the suspension is to facilitate a thorough investigation into the origin and nature of these movements. The exchange assured customers that the majority of their assets remain secured in cold storage and emphasized its strong financial position safeguards user account balances from losses. The company also confirmed that authorities have been informed and that enhanced security protocols are now in place while the internal review proceeds.
BtcTurk has not disclosed if these transfers resulted from a cyberattack, but the incident raises security concerns, especially considering a previous $54 million hack in 2024 mostly involving Avalanche tokens, one of the largest breaches in the crypto sector that year. Such recurring unauthorized transfers amplify doubts about the exchange’s security robustness.
This event is part of a broader pattern of security crises confronting crypto platforms. In 2024, centralized exchanges and decentralized finance (DeFi) protocols suffered thefts accumulating over $2.2 billion—the highest recorded losses so far. The trend has persisted into 2025, exemplified by a $1.4 billion Ethereum-related heist at the Bybit exchange in February. Experts warn that attackers are increasingly sophisticated, blending technical exploits with social engineering to circumvent security measures, targeting platforms with substantial transaction volumes and asset holdings.
The investigation at BtcTurk remains active, with no announced timetable for resuming withdrawals. How effectively the exchange manages this crisis will be crucial for restoring user confidence or may further erode trust amid its troubled security history.