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Turkish Crypto Exchange BtcTurk Witnesses $48M of Suspicious Outflows Amid Hack Fears
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Oliver Knight
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By Oliver Knight|Edited by Parikshit Mishra
Aug 14, 2025, 12:43 p.m.
- Cyvers detected $48 million in unusual transfers across ETH, AVAX, ARB, BASE, OP, MANTLE, and MATIC networks.
- Most funds have been consolidated into two addresses, with signs pointing to a coordinated exploit.
- BtcTurk halted deposits and withdrawals as it investigates the incident with blockchain security firms.
Around $48 million worth of cryptocurrency has been moved from wallets tied to Turkish exchange BtcTurk, raising fears of a potential hack.
The incident involved large transfers of ether (ETH), Avalanche’s AVAX (AVAX), Arbitrum’s ARB (ARB), Base (BASE), Optimism’s OP (OP), Mantle
, and Polygon’s MATIC(MATIC), with the bulk of the funds consolidating into just two recipient addresses.
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Blockchain monitoring system Cyvers flagged the activity, triggering alerts that suggested a targeted exploit rather than routine operational movements.
Cyvers added that it was in contact with Btcturk, which is taking “immediate action” and has suspended deposits and withdrawals.
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
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