Turkish crypto exchange BtcTurk has suspended withdrawals following a major security breach, with estimated losses exceeding $48 million.

The attacker started swapping the loot for Ethereum [ETH] across multiple chains. For now, users are left watching their funds get rerouted, while BtcTurk scrambles to contain the damage.

A suspicious glitch turned major glitch

BtcTurk halted crypto withdrawals and deposits on the 14th of August after spotting unusual activity in its hot wallets. Initially described as a “technical issue,” the pause has since raised alarms.

Cybersecurity firm Cyvers flagged suspicious transactions across Ethereum, Avalanche [AVAX], Arbitrum [ARB], Base [BASE], Optimism [OP], Mantle [MNT], and Polygon [MATIC] all pointing to a coordinated exploit.

The exchange assured users that its cold wallets (where most assets are stored) remain secure, but the incident further undermines confidence in BtcTurk’s hot wallet infrastructure.

This incident follows a similar $55 million security breach in 2024, raising ongoing concerns about the platform’s vulnerability.

Hacker on the move, exchange on high alert