XT.com Crypto Exchange Halts Withdrawals Following Suspected $1.7M Hack

XT.com, one of the leading centralized cryptocurrency exchanges, has taken swift action to suspend all withdrawals following a suspected security breach that may have resulted in the theft of approximately $1.7 million in cryptocurrency.

With a reported daily trading volume of $3.4 billion, XT.com serves as a major player in the global crypto trading arena. The recent incident has raised concerns over the security of crypto assets and the operational transparency of the platform.

XT.com Suspends Withdrawals for “Wallet Maintenance”

The exchange announced the suspension of withdrawals on November 28, citing “wallet upgrade and maintenance” as the reason for the disruption. This announcement, made via their official communication channels, came just an hour before blockchain security firm PeckShield disclosed its findings about a potential hack targeting the platform.

Abnormal Platform Activity Confirmed by XT.com

Shortly after PeckShield’s report, XT.com issued a public statement acknowledging what it described as an “abnormal transfer of platform wallet assets.” However, the exchange sought to reassure its users, stating that the incident would not have any impact on user funds. “Rest assured, this will not affect our users,” the statement read. The platform also emphasized its robust financial practices, noting that it maintains reserves 1.5 times greater than the total assets of its users to ensure the highest levels of security and reliability.

According to detailed data provided by PeckShield, the suspected hacker wasted no time in attempting to obscure their tracks. The stolen assets were quickly converted into 461.58 Ether (ETH), a significant amount of cryptocurrency currently valued at approximately $3,589.23 per ETH at the time of the report. The swapped funds are reportedly being held at an Ethereum address identified by PeckShield.

While no further details about the hacker’s methods or potential vulnerabilities exploited during the breach have been disclosed, this incident highlights the ongoing challenges centralized exchanges face in combating cyber threats.

Founded in 2018 and registered in the Seychelles, XT.com has grown into a centralized cryptocurrency exchange supporting the trading of over 1,000 digital assets. The platform is known for its wide range of trading pairs and high liquidity, attracting millions of users worldwide. Its daily trading volume of $3.4 billion underscores its significance within the crypto industry. However, incidents like this raise questions about the security protocols of even the most prominent exchanges.