BtcTurk, a Turkish cryptocurrency exchange, has halted withdrawals after analysts flagged suspicious movements of nearly $50 million from its platform. The exchange stated that it is conducting investigations into the transfers and assured users that their funds remain safe, as most assets are securely stored in cold wallets. The situation has raised suspicions of a potential hack, reminiscent of a previous incident in 2024 when $54 million was stolen from the exchange. Security firms, including PeckShield, reported that a significant amount of crypto had left BtcTurk, particularly noting the movement of AVAX and other tokens. BtcTurk has informed authorities and taken necessary security measures while continuing to investigate the incident. The exchange's response emphasizes its commitment to user asset protection and transparency during this challenging period.

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