Key Takeaways:
- Withdrawal Halt: XT.com paused withdrawals amid reports of a suspected $1.7M hack, citing “wallet upgrade and maintenance.”
- Suspected Hack Details: Blockchain security firm PeckShield traced the alleged hacker exchanging the stolen funds for 461.58 ETH.
- Exchange Response: XT.com acknowledged “abnormal transfers” but reassured users that funds are secure and backed by reserves exceeding user assets.
XT.com, a cryptocurrency exchange handling $3.4 billion in daily trading, temporarily suspended withdrawals on November 28, citing “wallet upgrade and maintenance.”
The move followed reports from blockchain security firm PeckShield of a suspected hack involving $1.7 million in assets.
🚨 XT Statement on Abnormal Transfer of Platform Wallet Assets 🚨
— XT Exchange (@XTexchange) November 28, 2024
Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users. 💪
🔒 We always maintain reserves 1.5x greater than user assets to ensure maximum security.
Our… pic.twitter.com/SdEL75PxZF
XT.com acknowledged an “abnormal transfer” in its platform wallet but did not confirm the hack, assuring users that funds were secure and emphasizing its reserves, which are 1.5 times greater than user holdings.
PeckShield revealed that the suspected hacker had already converted the stolen assets into 461.58 Ether (ETH), now held in a flagged Ethereum address.
#PeckShieldAlert Our community member has detected that @XTexchange appears to have been hacked for ~$1.7 million worth of cryptos.
— PeckShieldAlert (@PeckShieldAlert) November 28, 2024
The hacker has swapped the stolen funds for 461.58 $ETH & sit in 0xB43f…8F83 pic.twitter.com/bwINPguXlZ
Established in 2018 and registered in Seychelles, XT.com supports the trading of over 1,000 cryptocurrencies.
Despite the incident, XT.com reiterated its commitment to user security but did not specify when withdrawal services will resume.
The situation highlights the security challenges faced by cryptocurrency exchanges, even as XT.com strives to maintain user trust amid this disruption.
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