Turkish cryptocurrency exchange BtcTurk has halted withdrawals amid reports suggesting that the platform has suffered a major loss of funds due to a hack.

Cybersecurity firm Cyvers took to X on Thursday to report that it had detected $48 million worth of digital assets, including Ether (ETH), involved in unusual activity.

“Our system detected multiple alerts across ETH, AVAX, ARB, BASE, OP, MANTLE and MATIC networks,” Cyvers reported, adding that the attacker had moved the assets to two addresses and begun swapping them.

BtcTurk subsequently halted deposits and withdrawals, citing a “technical issue” with hot wallets, reporting that trading and local currency withdrawals and deposits remained intact.

Cold wallet funds are safe, say team

“During inspections conducted on Aug. 14, 2025, unusual activity was detected in our hot wallets. As a precautionary measure, cryptocurrency deposits and withdrawals have been temporarily suspended,” BtcTurk said in a statement shared at 1:17 pm UTC.

BtcTurk highlighted that most exchange assets are held in secure cold wallets, assuring the public that user assets are unaffected by the suspected attack.

“While our detailed investigation continues, authorities have been informed and all necessary security measures have been taken,” the exchange said.

This is a developing story, and further information will be added as it becomes available.