BtcTurk Halts Crypto Transactions Amid $48M Hot Wallet Breach

BtcTurk, Turkey’s second-largest cryptocurrency exchange, has suspended cryptocurrency deposits and withdrawals due to a hot wallet breach resulting in a $48 million loss on August 14, 2025.

This breach highlights ongoing security challenges for centralized exchanges, impacting multiple tokens and sparking immediate safety measures to protect user assets.

BtcTurk Faces $48 Million Breach in Hot Wallet

BtcTurk has suspended cryptocurrency deposits and withdrawals following the detection of unusual activity in its hot wallets, revealing an estimated loss of $48 million. The executive team, including CEO Faruk Fatih Özer, took immediate actions to address the breach.

Financial implications are significant, but most customer funds are secure in cold wallets. The affected assets include Ethereum and others across multiple blockchains, with the breach traced back to suspicious transactions flagged by cybersecurity firms like Cyvers.

Faruk Fatih Özer, CEO, BtcTurk, “During our routine checks on August 14, 2025, we detected unusual activity in our hot wallets. As a precautionary measure, we have temporarily suspended all cryptocurrency deposit and withdrawal transactions. The vast majority of digital assets are securely stored in our cold wallets, which remain unaffected.” – BtcTurk Official Statement

Security Challenges Persist Amid BtcTurk’s Operational Adjustments

Did you know? BtcTurk’s current breach mirrors a June 2024 incident, where $55 million were lost. Despite executive changes, security challenges have persisted, reflecting a broader industry issue with hot wallet vulnerabilities.

Ethereum’s value stands at $4,569.03 with a market cap of $551.52 billion and a 13.76% market dominance. Despite a 3.13% decline over the past 24 hours, it has seen a 17.09% 7-day increase, according to CoinMarketCap’s latest update on August 15, 2025.

The Coincu research team suggests increased pressure on crypto exchanges to adopt enhanced security measures could follow, especially concerning hot wallet management. Financial impacts may result in scrutiny from regulators aiming for tighter oversight to prevent future breaches.