Originally published on: November 28, 2024
XT.com, a popular cryptocurrency exchange boasting a daily trading volume of $3.4 billion, has taken the precautionary measure of halting withdrawals after a potential $1.7 million hack.
On November 28, XT.com announced the suspension of withdrawals due to “wallet upgrade and maintenance.” However, suspicions arose when blockchain security firm PeckShield reported the exchange’s alleged hack totaling $1.7 million.
An hour after the initial announcement, XT.com confirmed an “abnormal transfer of platform wallet assets.” Despite this setback, the exchange reassured users that their holdings remain secure, stating they always keep reserves exceeding user assets for maximum security.
Reportedly, the hacker behind the breach had already converted the stolen funds into 461.58 Ether, which are now located in an Ethereum address identified by PeckShield.
Founded in 2018, XT.com is a centralized cryptocurrency exchange based in the Seychelles. It offers trading options for over 1,000 digital currencies and handles daily trading volumes of $3.4 billion.
Cointelegraph sought commentary from XT.com regarding the incident but has yet to receive a response.
As the situation unfolds, XT.com has pledged to maintain transparency and security by implementing a Merkle tree proof of reserves by mid-December.
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