15-8-2025 – Turkish cryptocurrency exchange BtcTurk suspended customer withdrawals on Thursday after blockchain analysts detected nearly $50 million in suspicious transfers from its wallets. The exchange announced on X that it is conducting “detailed investigations” into the unusual activity, assuring users that their funds remain secure in cold wallets. Blockchain security firm PeckShield first reported the transfers, estimating $48.9 million—primarily in Ethereum (ETH), with additional movements in Avalanche (AVAX), Arbitrum (ARB), and other tokens—had left BtcTurk’s hot wallets.
The exchange stated that it has informed authorities and implemented security measures to address the issue. This incident follows a $54 million hack targeting BtcTurk in 2024, one of the largest crypto thefts of that year, which also heavily involved AVAX.
The crypto industry continues to grapple with sophisticated cyberattacks. Centralized exchanges like BtcTurk remain prime targets, with 2024 seeing a record $2.2 billion stolen across the sector. This year has already witnessed significant losses, including a $1.4 billion Ethereum theft from Bybit in February. BtcTurk’s swift response may mitigate further damage, but the incident underscores ongoing vulnerabilities in exchange security.
#PeckShieldAlert @btcturk has been hacked, w/ estimated losses of ~$49M https://t.co/VdXFJZKqyS pic.twitter.com/3oCe9Co9dQ
— PeckShieldAlert (@PeckShieldAlert) August 14, 2025
