XT.com, a cryptocurrency exchange with daily trading volumes of $3.4 billion, has suspended withdrawals following a suspected $1.7 million hack.
On Nov. 28, the exchange cited “wallet upgrade and maintenance” as the reason for suspending withdrawals.
Shortly after the announcement, blockchain security firm PeckShield reported that XT.com “appeared to have been hacked” for $1.7 million in cryptocurrency.
Platform Response
XT.com later acknowledged the issue, stating there had been an “abnormal transfer of platform wallet assets.”
“Rest assured, this will not affect our users,” the exchange assured, adding that it “always maintains reserves 1.5x greater than user assets to ensure maximum security.”
Hack Details
According to PeckShield, the suspected hacker swapped the stolen funds for 461.58 Ether (ETH), valued at approximately $3,618.19 per ETH.
The swapped assets are now held in an Ethereum wallet identified by PeckShield.
About XT.com
Established in 2018, XT.com is a centralized exchange registered in Seychelles.
It facilitates trading of over 1,000 digital currencies and had daily trading volumes of $3.4 billion at the time of the incident.
Pending Clarifications
Cointelegraph reached out to XT.com for comment on the situation but had not received a response as of publication.
This incident adds to a growing list of hacks targeting cryptocurrency exchanges, highlighting the persistent security challenges within the industry.
