Cryptocurrency exchange XT.com has suspended withdrawals from its platform following reports of a suspected $1.7 million hack.
Crypto Exchange XT.com Suspends Withdrawals Amid $1.7 Million Hack Concerns
In a statement today, the exchange attributed the suspension to “wallet upgrade and maintenance.”
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 that there was an “abnormal transfer of platform wallet assets,” but has yet to confirm the incident as a hack.
XT.com reassured users that their assets were safe, stating that the platform “holds 1.5 times more reserves than user assets to ensure maximum security.”
PeckShield revealed that the suspected hacker exchanged the stolen funds for 461.58 Ether (ETH). The exchanged crypto remains at an Ethereum address designated by the security firm.
About XT.com
Founded in 2018 and registered in the Seychelles, XT.com is a centralized exchange offering over 1,000 digital currencies. At the time of writing, its daily trading volume was around $3.4 billion.
While the exchange has reassured users of its financial stability, concerns about its security measures remain. XT.com has not provided a timeline for resuming withdrawals or disclosed whether additional investigations are ongoing.
This incident highlights the ongoing vulnerabilities in cryptocurrency platforms, even as exchanges claim robust security measures.
*This is not investment advice.