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BtcTurk Sees $48 Million In Suspicious Outflows, Suspends Crypto Withdrawals And Deposits

Ash Tiwari
by Ash Tiwari
2 weeks ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Earlier today, wallets tied to crypto exchange BtcTurk reportedly transferred more than $48 million worth of digital assets. This movement has raised suspicions of a potential security breach.

BtcTurk Suspends Crypto Withdrawals, Deposits

According to an X post by blockchain security entity Cyvers Alerts, outflows of over $48 million in cryptocurrencies were detected in “unusual activity” across multiple blockchain networks involving the Turkish exchange BtcTurk.

Related Reading: Kazakhstan: Government Raids End $16 Million Crypto Mining Power Theft

Cyvers Alerts noted that their system flagged alerts from blockchains such as Ethereum (ETH), Avalanche (AVAX), Arbitrum (ARB), BASE, Optimism (OP), Mantle (MANTLE), and Polygon (MATIC). Most of the transferred funds were deposited into two addresses. The firm added:

The attacker has completed the transfers and begun swapping assets. We’ve contacted the team, who are taking immediate action. Withdrawals and deposits are currently suspended.

blockchain
Cyvers Alerts shared the following transaction details showing movement of digital assets from BtcTurk | Source: Cyvers Alerts on X

In a separate X post, BtcTurk confirmed unusual activity in their hot wallets. The exchange stated that as a precaution, crypto withdrawals and deposits have been temporarily suspended.

BtcTurk reassured users that the majority of their funds are securely stored in cold wallets. Despite the potential security breach, the exchange emphasized that users’ funds remain safe due to its “robust financial structure.”

The platform added that crypto buying and selling, as well as Turkish Lira deposit and withdrawal transactions, will continue without interruption. It confirmed that all necessary security measures have been implemented to safeguard user assets.

It is worth recalling that last year, BtcTurk experienced a cyber attack that led to unauthorized access to some of its hot wallets. At that time, the exchange partnered with Binance to recover approximately $5.3 million in digital assets.

Are Crypto Security Mechanisms Still Vulnerable?

​​Over the past year, several high-profile crypto exchange hacks have raised concerns about security. In September 2024, crypto exchange BingX suffered a major breach, resulting in the loss of nearly $43 million in digital assets.

Related Reading: Crypto Job Scam: US Woman Sentenced for Aiding North Korean Hackers

Earlier this year, Bybit experienced one of the industry’s largest hacks, with $1.4 billion stolen. The scale of the breach caused Ethereum (ETH) to drop as much as 5% immediately afterward.

Similarly, leading Indian exchange CoinDCX was targeted last month in a $44 million hack. However, CEO Sumit Gupta clarified that all user wallet funds were safe and unaffected.

The rising number of crypto exchange hacks – despite enhanced security measures – remains a concern for investors. These incidents also underscore the importance of cold storage wallets for individuals holding significant crypto assets. At press time, BTC trades at $119,253, down 2.1% in the past 24 hours.

bitcoin
Bitcoin trades at $119,253 on the daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash.com, charts from X and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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