On November 28, 2024, cryptocurrency exchange XT.com suspended all withdrawals after a suspected hack led to the theft of around $1.7 million in digital assets. Initially, the exchange attributed the suspension to “wallet upgrade and maintenance.” However, a blockchain security firm, PeckShield, confirmed unusual transfers from XT.com’s wallets. The hacker exchanged the stolen funds into 461.58 Ether before moving them to a separate Ethereum address. Despite the breach, XT.com reassured users that their assets remained safe, citing a 1.5 times reserve of user funds. The exchange’s technical team is investigating, and a new asset proof system is set to launch in mid-December to enhance security and transparency.
Title: XT Exchange Faces Withdrawal Suspension After $1.7 Million Hack
A significant security breach at the cryptocurrency exchange XT.com has led to the suspension of all withdrawals as of November 28, 2024. The Dubai-based platform reported the theft of roughly $1.7 million in digital assets, prompting immediate action.
Initial notices from XT.com attributed the withdrawal halt to “wallet upgrade and maintenance.” However, blockchain security experts from PeckShield soon flagged the incident, revealing an unusual transfer from the exchange’s wallets.
According to reports, the hackers quickly converted the stolen funds into 461.58 Ether (ETH), which was then routed to a specific Ethereum address identified by security analysts. XT.com later confirmed these irregular movements and reassured users that their assets were not compromised.
In an official statement, XT.com revealed that an estimated 1 million USDT across multiple currencies was involved in the incident. The exchange emphasized its commitment to security, stating it maintains reserves that are 1.5 times greater than user assets to ensure protection against such breaches.
Despite the current situation, XT.com has vowed to enhance its security protocols. Plans are underway to introduce a Merkel Tree Asset Proof System in mid-December, aiming to provide users with further assurance of their assets’ safety.
The incident underscores the rising security challenges faced by centralized cryptocurrency exchanges in 2024 and highlights the need for improved protective measures across the industry. As the investigation continues, XT.com has not yet provided a timeline for when withdrawal services might resume.
Tags: XT Exchange, cryptocurrency hacking, digital assets, security breach, crypto exchange news, user security, Ether theft, blockchain security, withdrawal suspension.
What happened to XT Exchange?
XT Exchange was hacked, and about $1.7 million in cryptocurrency was stolen from its platform.
How did the hack occur?
The exact method of the hack is still under investigation, but it involved unauthorized access to the exchange’s systems.
What is XT Exchange doing about it?
XT Exchange has halted all withdrawals to prevent further losses and is working to secure its systems while investigating the hack.
Will I get my money back?
It is not clear yet if users will get their stolen funds back. The exchange will need to determine the extent of the losses and how to reimburse affected customers.
How can I keep my cryptocurrency safe?
To keep your cryptocurrency safe, use strong passwords, enable two-factor authentication, and store your assets in secure wallets instead of keeping them on exchanges.
