Cryptocurrency exchange XT.com, which handles daily trading volumes of $3.4 billion, has temporarily suspended withdrawals due to an incident involving an unusual transfer of assets from its platform wallet.
On November 28, XT.com issued a statement explaining that the suspension was due to a “wallet upgrade and maintenance.” However, just an hour later, PeckShield revealed that the exchange might have been compromised, with approximately $1.7 million in cryptocurrencies reportedly stolen, indicating that the suspected attacker had already converted the stolen assets into 461.58 Ether (ETH), which were then stored in an Ethereum wallet that they identified.
#PeckShieldAlert Our community member has detected that @XTexchange appears to have been hacked for ~$1.7 million worth of cryptos.
The hacker has swapped the stolen funds for 461.58 $ETH & sit in 0xB43f…8F83 pic.twitter.com/bwINPguXlZ— PeckShieldAlert (@PeckShieldAlert) November 28, 2024
XT.com has acknowledged irregularities in its platform wallets but has reassured users of its financial stability. The exchange stated, “Rest assured, this will not affect our users,” emphasizing that it maintains reserves 1.5 times greater than user assets to ensure security. Additionally, XT.com announced plans to introduce the Merkel Tree Asset Proof System in mid-December to enhance transparency. The company added, “Our team is investigating, and we remain committed to protecting your assets,” and thanked users for their trust and support.
However, the timeline for reopening withdrawals remains unclear, prompting concern among users. An X user @NG_exhales asked,
“That’s reassuring. Thanks for that. However, could you help us with the timeline? When will the withdrawals reopen?”
Founded in 2018 and registered in Seychelles, XT.com facilitates trading over 1,000 digital currencies. The exchange made headlines earlier this year in May 2024 when it announced listing several new tokens and trading pairs, including $BIDEN, a memecoin inspired by U.S. President Joe Biden. The exchange also introduced new futures trading pairs like AEVOUSDT, TAOUSDT, and WUSDT, offering leverage options from 1x to 50x. XT.com launched a zero-fee trading promotion to attract more traders, with participants receiving full refunds on their transaction fees, up to a maximum of 500 USDT.
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