BtcTurk, one of Turkey's leading cryptocurrency exchanges, temporarily suspended cryptocurrency deposits and withdrawals today due to a technical issue with its hot wallets. The company stated that users would be notified when transactions reopened, and that trading, as well as Turkish Lira deposits and withdrawals, continued uninterrupted.
The development came to light following findings by blockchain security firm CertiK. According to information shared by CertiK Alert, a total of over $50 million in cryptocurrency was withdrawn from three separate wallets identified as belonging to BtcTurk on August 14th. This raises the possibility of a potential security breach or system vulnerability.
BtcTurk's statement
In its official statement, BtcTurk did not provide detailed information about the security of user funds, citing only a "technical issue with hot wallets." However, the exchange emphasized that trading and Turkish Lira transactions continued and that users could manage their assets.
Hot wallets are known on cryptocurrency exchanges as wallets accessible via an internet connection and used for daily transactions. While these types of wallets offer the advantage of fast transfers, they are more vulnerable to cyberattacks than cold wallets. Therefore, such "suspicious exits" are of great importance to investors.
The exchange stated that cryptocurrency deposits and withdrawals will be reopened once the technical issue is resolved, and that updates will be shared with users during this process. The source of the incident, whether it was a cyberattack or another technical issue, is not yet known.
