Cryptocurrency exchange XT.com has suspended withdrawals on its platform following reports of a suspected $1.7 million hack. The exchange announced the suspension on November 28, attributing it to “wallet upgrade and maintenance.”
Hack Allegations and Response
Shortly after the announcement, blockchain security firm PeckShield reported an “abnormal transfer” from XT.com wallets, suggesting a potential breach. The exchange later acknowledged the issue, stating there had been an “abnormal transfer of platform wallet assets,” but it has not yet confirmed the incident as a hack.
XT.com reassured users that their assets are secure, noting the platform “maintains reserves 1.5x greater than user assets to ensure maximum security.”
Stolen Funds Swapped
PeckShield revealed that the suspected hacker had already swapped the stolen funds for 461.58 Ether (ETH). The swapped cryptocurrency remains at an Ethereum address identified by the security firm.
About XT.com
Founded in 2018 and registered in Seychelles, XT.com is a centralized exchange offering over 1,000 digital currencies. At the time of writing, its daily trading volume was approximately $3.4 billion.
Next Steps
While the exchange has assured users of its financial stability, concerns about security measures remain. XT.com has not provided a timeline for restoring withdrawals or clarified whether additional investigations are underway.
This incident underscores the continued vulnerabilities in cryptocurrency platforms, even as exchanges claim robust security measures.
