Originally published on: November 28, 2024
In a stunning development, XT.com, a major cryptocurrency exchange boasting a daily trading volume of $3.4 billion, has temporarily suspended all withdrawals after a suspected hack totaling $1.7 million.
The exchange abruptly halted withdrawals, attributing the move to a “wallet upgrade and maintenance” that was announced on Nov. 28. However, this suspension came mere hours before blockchain security firm PeckShield reported suspicions of a significant hack targeting XT.com.
PeckShield’s findings suggested that $1.7 million in cryptocurrency funds were compromised in the attack. XT.com swiftly responded by acknowledging an “abnormal transfer of platform wallet assets.”
Despite the alarming nature of the breach, XT.com reassured its users that their holdings were safe, emphasizing that the exchange maintains reserves exceeding user assets by 1.5 times to uphold maximum security protocols. The affected assets were identified as belonging to the exchange’s reserves rather than individual user accounts, offering some relief to concerned investors.
Following the theft, the hacker reportedly exchanged the stolen assets for 461.58 Ether, further complicating the situation. XT.com, founded in 2018 and based in the Seychelles, has established itself as a prominent player in the crypto sector, enabling trading for over 1,000 digital currencies on a daily basis.
While no official response has been issued from XT.com, stakeholders are eagerly anticipating updates on the situation and the security measures being put in place to prevent future breaches.
As the story continues to unfold, stay tuned for the latest developments and insights into this unprecedented event shaping the cryptocurrency landscape.
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