- XT.com suspends withdrawals, citing wallet maintenance after alleged $1.7M hack.
- PeckShield reports hacker swapped stolen funds for 461.58 Ethereum.
XT.com, a Seychelles-registered cryptocurrency exchange, has suspended all cryptocurrency withdrawals following an alleged hack that resulted in the loss of $1.7 million. The exchange ranked 23rd on Coingecko and facilitating over $3.4 billion in daily trading volume, announced the suspension on November 28, citing a “wallet upgrade and maintenance.”
#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
Notably, the announcement was made just an hour before blockchain security firm PeckShield reported that XT.com had been compromised. According to PeckShield, the hacker stole funds worth $1.7 million, which were later swapped for 461.58 Ether (ETH). The swapped ETH currently resides in a wallet identified by PeckShield.
Meanwhile, in an official statement, XT.com acknowledged detecting “an abnormal transfer of platform wallet assets.” The exchange assured users that their assets are secure, emphasizing that it maintains reserves 1.5 times greater than user deposits. “Rest assured, this will not affect our users,” the exchange stated, reiterating its commitment to maximum security.
Despite these assurances, the suspension of withdrawals has raised concerns within the crypto community, with many users questioning the nature of the incident. XT.com has yet to confirm the breach on its official social media channels, adding to the speculation.
Spy Glass On XT.com
Founded in 2018, XT.com supports trading for over 1,000 digital currencies and is known for its significant trading volumes. It is currently ranked 20th on CMC, boasting a 24-hour trading volume of $3.16 billion.
The alleged hack is the latest in a string of security breaches targeting centralized exchanges. While XT.com has framed the withdrawal suspension as a precautionary measure tied to wallet maintenance, the timing of the incident and PeckShield’s findings suggest a potential security lapse.
As investigations continue, users are left waiting for further clarity from the XT.com team. The exchange’s ability to manage the crisis and ensure user confidence will be critical in the coming days.
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