BtcTurk halts withdrawals after $48M crypto hack sparks panic!

Key Points

1. BtcTurk halted withdrawals on August 14, 2025, due to unusual activity in its hot wallets, initially described as a 'technical issue' but later confirmed as a security breach.

2. The attacker drained over $48 million from BtcTurk's hot wallets and began swapping the stolen assets for Ethereum (ETH) across multiple networks.

3. Cybersecurity firm Cyvers identified suspicious transactions on Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon, suggesting a coordinated exploit.

4. This incident follows a similar $55 million security breach in 2024, highlighting ongoing vulnerabilities in the platform.

5. BtcTurk confirmed the breach in an official statement, stating that withdrawals were temporarily suspended while investigations continue.