A coordinated series of on-chain alerts flagged roughly $48 million in unusual transfers tied to Turkish exchange BtcTurk late today. The activity hit seven networks, Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle and Polygon, and concentrated into two destination addresses. ALERT$48M worth of digital assets have been detected in unusual activity across multiple chains involving Turkish exchange @btcturk About 30 minutes ago, our system detected multiple alerts across $ETH , $AVAX , $ARB , $BASE , $OP , $MANTLE , and $MATIC networks. Most funds were… pic.twitter.com/ss4a7O2hUd — Cyvers Alerts (@CyversAlerts) August 14, 2025 The pattern reads like a hot-wallet compromise . Alerts fired. Big outbound transactions appear on multiple chains. Most assets flowed to the same two addresses, then began changing form. Chain sleuths watching in real time report the attacker is actively swapping tokens for ETH. BtcTurkKripto confirmed an issue. The exchange posted that “Due to a technical issue in hot wallets, cryptocurrency deposit and withdrawal functions were temporarily suspended. When the issue is resolved, cryptocurrency deposit and withdrawal functions will be reactivated. Trading operations and Turkish Lira deposit/withdrawal transactions continue uninterrupted.” Customers still see spot trading and fiat rails working, but hot-wallet services are paused while the team investigates. Update: BtcTurk ( @btcturk ) was hacked for more than $48M! The hacker is swapping the stolen assets for $ETH . Address: 0x0fe41fe8786329fb6bd8f2baa73aa55e770f0951 0xa041feb3a8297c5689fee180083164a061a17fd6 0x7D91D1ebeBA91257733a523409125aEdac5d8b6E https://t.co/GYJhhdA1ra pic.twitter.com/zzkIG2C25L — Lookonchain (@lookonchain) August 14, 2025 Token On-Chain Trails Who’s moving what? The on-chain trail shows a basket of major and layer-2 assets. Here’s a quick price snapshot from CoinMarketCap at reporting time: ETH — ~$4,692 AVAX (Avalanche) — ~$24.11. ARB (Arbitrum) — ~$0.53. OP (Optimism) — ~$0.78. MNT (Mantle) — ~$1.11 MATIC / POL (Polygon) — ~ $0.24. Those tokens moved in slices across chains. The attacker then routed many of them through swaps and liquidity paths that end in ETH — a common laundering tactic because ETH offers deep liquidity on DEXs and easier aggregation. Lookonchain’s thread documents swaps and shows the piecemeal conversion into ETH. Why this matters now: converting to ETH lets an attacker fragment value across pools and DEX routes, then layer transfers through many addresses or services. That increases the chance of slipping funds into privacy rails or into centralized platforms that may be harder to freeze unless quickly alerted. Rapid cross-chain movement also raises the chance some portions slip out of easy reach. What BtcTurk users should know: deposits and withdrawals from hot wallets are paused. Trading and Turkish-lira operations continue. Check only official BtcTurk announcements for status updates. Do not follow unverified links or third-party instructions that claim to “fix” your account. What investigators are likely doing: security teams from major exchanges and chain-analysis firms typically coordinate fast. They try to trace the funds, identify known mixer or exchange on-ramps, and request freezes where possible. Public trackers and firms like Lookonchain and CyversAlerts are already mapping the flow; their threads present the real-time breadcrumbs. Bottom line: this is an active laundering event with clear signs of a hot-wallet compromise. $48M worth of assets moved across ETH, AVAX, ARB, BASE, OP, MNT and MATIC — most ending up in two addresses and being swapped into ETH. BtcTurk has paused crypto deposits/withdrawals while it investigates and promises to restore services once secure. Stay on official channels and avoid panic moves; withdrawals to cold storage remain the safest long-term option for non-trading funds. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !