Turkish cryptocurrency exchange BtcTurk reportedly has assets worth over 7 billion yen that may have been misappropriated.

## Is there an unauthorized outflow of cryptocurrency?

BtcTurk, which provides cryptocurrency (coin) trading services in Turkey, announced on the 14th that it would temporarily suspend cryptocurrency deposits and withdrawals due to an anomaly detected in the company’s wallet on the same day.

The details of the anomaly from BtcTurk have not been explained at this time, but there are indications on social media that unauthorized leaks may have occurred. As of the time of writing this article, the confirmed damage amount is 48 million dollars (approximately 7.1 billion yen).

According to the official website of BtcTurk, the cryptocurrency trading service is named “BtcTurk|Kripto”. It seems to be a service centered around Bitcoin, but the translation of X’s profile states that they handle over 100 different coins.

Currently, we are continuing the investigation after reporting to the relevant authorities and implementing necessary security measures. Once the investigation is concluded, we will resume the deposit and withdrawal of virtual currencies. It is also stated that trading of virtual currencies and the deposit and withdrawal of the fiat currency, the Turkish Lira, can still be conducted.

It is also emphasized that the majority of customer assets are securely stored in cold wallets. It is explained that there is no impact on customer assets due to this anomaly.

What is a cold wallet?

A wallet that is completely disconnected from the internet. There are types such as paper wallets and hardware wallets.

Analysis of the problem

Details regarding this anomaly are under investigation, but multiple analyses are being conducted on social media.

According to the analysis by “Lookonchain”, there is a possibility that assets have been improperly leaked, and as of the time of writing this article, the confirmed damage amount is $48 million. This damage amount is consistent with the analysis by “Cyvers Alerts”.

Additionally, Lookonchain pointed out that the attacker exchanged the stolen assets for Ethereum (ETH) when reporting the amount of damage. Meanwhile, at the time of writing this article, the contents of the attacker’s portfolio have changed from the initial report, and it is necessary to continue monitoring their movements.

Cyvers Alerts reported on the 14th that it detected anomalies across multiple blockchains, including Ethereum, Avalanche (AVAX), and Base, with a damage amount of 48 million dollars.