BtcTurk, Turkey’s oldest crypto exchange, has paused some of its services due to a possible security problem. The company said it has stopped all deposits and withdrawals of cryptocurrencies until further notice. The move came after blockchain security firm Cyvers found about $48 million in suspicious transfers across different blockchain networks. This incident adds to the growing number of theft cases as the crypto industry faces more frequent security threats and large-scale hacks. Suspicious Activity Found on Several Networks Cyvers said its systems spotted a quick movement of large amounts of money across several blockchain networks. These transactions happened on the Ethereum network, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon. Most of the transferred funds were collected into just two addresses. The cybersecurity firm said the attacker started swapping the stolen assets, making them harder to trace. This incident has raised doubts about how strong BtcTurk’s security measures really are. BtcTurk’s Reaction to the Incident In a statement posted on X, BtcTurk explained that its hot wallets, which store funds needed for daily transactions, were affected by a technical problem. As a result, all crypto deposits and withdrawals will stay paused until the problem is fixed. This step is a common safety measure in the industry to prevent further losses and protect user funds. The company added that it will inform users once services are back online. It noted that trading and deposits using the Turkish lira are not affected, and operations on the platform can continue as usual. Meanwhile, this incident is not BtcTurk’s first security scare. In June 2024, the exchange reported unauthorized withdrawals from some hot wallets. At the time, Binance froze over $5.3 million linked to the case and helped with the investigation. Binance is known for helping crypto platforms and projects that have been hit by security attacks , thrive, or freeze stolen funds A Growing Industry Problem The BtcTurk case is part of a bigger trend in the crypto world, where hacks and large thefts are becoming more common and advanced. In 2023, the decentralized exchange Euler Finance lost nearly $200 million because of a flaw in its smart contract. In 2022, the Ronin Network suffered one of the biggest hacks ever, losing about $625 million. Earlier in 2024, Japanese exchange DMM Bitcoin reported a suspected hack resulting in the loss of more than $300 million in assets. Even established platforms like LuBian have been affected. Most recently, Arkham Intelligence revealed that the Chinese Bitcoin mining pool was hacked in December 2020 for 127,426 BTC, worth approximately $3.5 billion at the time. This incident marks the biggest crypto theft in history. The pattern shows that as digital asset markets expand, malicious actors are using increasingly advanced methods to exploit vulnerabilities . Exchanges are therefore under constant pressure to strengthen their security systems to protect customer assets. The post BtcTurk Stops Crypto Transactions After $48M Suspicious Transfers appeared first on TheCoinrise.com .
