Around $48 million worth of cryptocurrency has been moved from wallets tied to Turkish exchange BtcTurk, raising fears of a potential hack.

The incident involved large transfers of ether (ETH), Avalanche’s AVAX (AVAX), Arbitrum’s ARB (ARB), Base (BASE), Optimism’s OP (OP), Mantle (MANTLE), and Polygon’s MATIC (MATIC), with the bulk of the funds consolidating into just two recipient addresses.

Blockchain monitoring system Cyvers flagged the activity, triggering alerts that suggested a targeted exploit rather than routine operational movements.

Cyvers added that it was in contact with Btcturk, which is taking “immediate action” and has suspended deposits and withdrawals.