BTCTurk, a leading cryptocurrency trading platform in Turkey, temporarily suspended deposits and withdrawals after detecting a security breach on Thursday morning. Blockchain security firms tracked $49 million worth of cryptocurrency (primarily Ethereum, with $38.6 million siphoned) being drained from the platform’s hot wallets in unauthorized transactions. The company assured users that the majority of assets remain secure in cold wallets and that customer funds would not be affected due to its robust financial structure. Buying/selling transactions and Turkish Lira operations continued uninterrupted. Law enforcement was notified, and BTCTurk stated it would resume full services post-investigation.The incident aligns with a surge in crypto thefts in 2025, including attacks on GMX ($40M), CoinDCX ($44M), and Cork Protocol ($12M). Over $2 billion in cryptocurrency was stolen in H1 2025, with North Korea-linked hackers responsible for a $1.5 billion breach at Bybit in February. BTCTurk, founded in 2013, is a prominent platform in Turkey, known for sponsoring national soccer teams. The breach highlights persistent vulnerabilities in hot wallet security and the escalating sophistication of crypto-focused cyberattacks.