A development has brought security into the spotlight in the cryptocurrency market. BtcTurk, one of Turkey’s largest cryptocurrency exchanges, has temporarily suspended cryptocurrency deposits and withdrawals due to a technical issue with its hot wallets. The company announced that trading, as well as Turkish Lira deposits and withdrawals, are continuing uninterrupted.

BtcTurk suspends operations

According to information obtained from cybersecurity sources, approximately $48 million worth of digital assets experienced unusual activity. This was detected simultaneously with significant alerts on the Ethereum (ETH), Avalanche (AVAX), Arbitrum (ARB), Base (BASE), Optimism (OP), Mantle (MANTLE), and Polygon (MATIC) networks. Data revealed that the majority of the funds were moved to two different addresses, and swaps were initiated with these assets.

Following the incident, the BtcTurk team was quickly notified and emergency security measures were implemented. The company has not yet provided a specific date for when cryptocurrency withdrawals and deposits will be reactivated.

It was stated that users will be notified when the process is completed. BtcTurk stated that these transactions were temporarily disabled due to a technical issue with hot wallets, but that there was no interruption to trading or Turkish Lira transactions.

This development has caused concern among cryptocurrency users. While analyses of digital asset activity continue, the exchange’s security protocols and response speed are being closely monitored. The outcome of the process and the timeframe for the system to return to normal remain uncertain.