Turkey’s oldest crypto exchange BtcTurk halts deposits, withdrawals after $48 million in unusual outflows

Cryptocurrency exchange BtcTurk, Turkey's oldest crypto exchange, has temporarily suspended deposits and withdrawals using cryptocurrencies after blockchain security firm Cyvers flagged roughly $48 million in suspicious multi-chain transfers tied to the platform on Thursday.

Cyvers said its monitoring systems detected swift movements across Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon. Most of the funds were consolidated into two addresses, and the attacker began to swap assets, the company said.

In a notice posted on X, BtcTurk told users that crypto deposits and withdrawals were disabled until further notice due to a technical problem affecting hot wallets. The platform said it would inform customers when services resume. That said, trading and deposits using the Turkish lira are reportedly uninterrupted, according to the statement.

Thursday’s incident follows a June 2024 breach in which BtcTurk reported unauthorized withdrawals from some hot wallets. Binance said it froze more than $5.3 million linked to the event at the time while assisting the investigation.

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