XT.com, a cryptocurrency exchange with a reported daily trading volume of $3.4 billion, has suspended withdrawals after a suspected $1.7 million hack.
The exchange suspended withdrawals, citing “wallet upgrade and maintenance,” it said on Nov. 28.
XT.com’s withdrawal suspension announcement on Nov. 28. Source: XT.com
The statement was issued about an hour before blockchain security firm PeckShield reported that XT.com “appeared to have been hacked” for $1.7 million worth of cryptocurrency.
XT.com subsequently issued a statement acknowledging an “abnormal transfer of platform wallet assets.”
“Rest assured, this will not affect our users,” the exchange said, adding that it “always maintains reserves 1.5x greater than user assets to ensure maximum security.”
Hacker swaps stolen funds
According to PeckShield data, the suspected XT.com hacker had already swapped funds stolen from the exchange for 461.58 Ether (ETH). The swapped assets sat on an Ethereum address identified by PeckShield.
PeckShield’s announcement of the alleged XT.com’s $1.7 million hack. Source: PeckShieldAlert
XT.com is a centralized cryptocurrency exchange established in 2018 and is registered in the Seychelles. The exchange facilitates trading of more than 1,000 digital currencies, with daily trading volumes of around $3.4 billion.
Cointelegraph approached XT.com for a comment regarding the issue but had not received a response at the time of publication.
Funds are SAFU
In another communication to its followers on X, XT.com reassured users that their crypto holdings at the exchange remain safe and unaffected by “recent abnormal asset transfers.”
XT.com’s communication following the withdrawal suspension on Nov. 28. Source: XT Ecxhange
XT.com stressed that the affected assets belong to the exchange’s reserves. Thus, user account holdings aren’t affected.
“We’re taking immediate action, including launching a Merkle tree proof of reserves by mid-December to enhance transparency,” XT.com added.
Magazine: Bitcoin dominance will fall in 2025: Benjamin Cowen, X Hall of Flame
XT.com, a cryptocurrency exchange with a reported daily trading volume of $3.4 billion, has suspended withdrawals after a suspected $1.7 million hack.
The exchange suspended withdrawals, citing “wallet upgrade and maintenance,” it said on Nov. 28.
XT.com’s withdrawal suspension announcement on Nov. 28. Source: XT.com
The statement was issued about an hour before blockchain security firm PeckShield reported that XT.com “appeared to have been hacked” for $1.7 million worth of cryptocurrency.
XT.com subsequently issued a statement acknowledging an “abnormal transfer of platform wallet assets.”
“Rest assured, this will not affect our users,” the exchange said, adding that it “always maintains reserves 1.5x greater than user assets to ensure maximum security.”
Hacker swaps stolen funds
According to PeckShield data, the suspected XT.com hacker had already swapped funds stolen from the exchange for 461.58 Ether (ETH). The swapped assets sat on an Ethereum address identified by PeckShield.
PeckShield’s announcement of the alleged XT.com’s $1.7 million hack. Source: PeckShieldAlert
XT.com is a centralized cryptocurrency exchange established in 2018 and is registered in the Seychelles. The exchange facilitates trading of more than 1,000 digital currencies, with daily trading volumes of around $3.4 billion.
Cointelegraph approached XT.com for a comment regarding the issue but had not received a response at the time of publication.
This is a developing story, and further information will be added as it becomes available.
Magazine: Bitcoin dominance will fall in 2025: Benjamin Cowen, X Hall of Flame