BtcTurk, a Turkish cryptocurrency exchange, has paused withdrawals amid reports of a significant hack resulting in substantial fund losses. Cybersecurity firm Cyvers revealed that $48 million in digital assets, including Ether, were involved in suspicious activities. They noted alerts across various networks, indicating that the attacker transferred assets to two addresses and began swapping them. In response, BtcTurk cited a 'technical issue' with its hot wallets, temporarily halting deposits and withdrawals while ensuring that trading and local currency transactions remained unaffected. The exchange reassured users that most assets are stored in secure cold wallets and that user funds are safe. Investigations are ongoing, and authorities have been notified. Estimates of the stolen assets vary, with Lookonchain reporting at least $23 million lost, while CertiK suggested losses could exceed $50 million. This incident follows a previous breach in June 2024, where BtcTurk experienced unauthorized withdrawals totaling around $55 million. Read more AI-generated news on: https://app.chaingpt.org/news