TL;DR
- The crypto exchange BtcTurk immediately suspended withdrawals on the platform after detecting unusual movements worth around $50 million.
- The transfers included mainly Ethereum, as well as Avalanche, Arbitrum, and other tokens, with an estimated total of $48.9 million.
- The platform claims that client funds are stored in cold wallets and that its strong financial position will prevent losses.
The Turkish crypto exchange BtcTurk halted withdrawals right after several blockchain analytics firms detected suspicious activity involving nearly $50 million leaving its wallets.
The initial alert came from PeckShield, which identified transfers involving mainly Ethereum, along with Avalanche, Arbitrum, and other assets. According to its estimates, the total value of the moved funds is about $48.9 million.
Growing Concerns About BtcTurk
In a statement posted on X, BtcTurk explained that the suspension aims to allow for a detailed investigation into the origin and nature of these transactions. The company stated that most of its clients’ assets remain in cold storage and that its solid financial standing ensures that account balances will not suffer losses.
It also confirmed that the relevant authorities have been notified and that additional security measures have been implemented while the internal review continues.
BtcTurk did not clarify whether the transfers were the result of an external attack, although the situation raises suspicions. In 2024, the platform suffered a $54 million theft, mostly in Avalanche, considered one of the most severe incidents in the industry that year. The recurrence of large unauthorized movements fuels doubts about the exchange’s security.
Security Crisis for Exchanges?
This episode should also be seen in the context of a year marked by massive losses in the crypto industry. In 2024, attacks on centralized platforms and DeFi protocols resulted in over $2.2 billion stolen, the worst figure on record. The trend has not reversed: in February 2025, the Bybit exchange was hit by a massive theft totaling $1.4 billion in Ethereum-linked assets.
Cybersecurity experts warn that attacker groups have refined their methods, combining technical vulnerabilities with social engineering tactics to bypass security systems. Illicit operations are no longer confined to experimental projects but target exchanges and platforms with high transaction volumes and large asset reserves.
The investigation into BtcTurk is still ongoing, and the company has not provided a timeline for resuming withdrawals. The effectiveness of its response will be key to determining whether it regains user trust or if its history of incidents deepens concerns about its security management.
