XT.com Halts Withdrawals After Alleged $1.7M Crypto Hack

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Global cryptocurrency exchange XT.com has suspended withdrawals following reports of an alleged hack that resulted in the theft of $1.7 million worth of cryptocurrency.

On November 28, XT.cоm issued a statement announcing the suspension of all coin withdrawals, attributing the decision to “wallet upgradе and maintenance.” The news came shortly before blockchain security firm PeckShield reported signs that the exchange may have been compromised in a hack.

PeckShield also claimed that the hacker had exchanged the stolen funds for 461.58 ETH, and identified the wallet where the assets were transferred.

#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 later released another statement on X, confirming that it had “detected an abnormal transfer from our platform wallet,” although it assured users that their funds would not be impacted. The exchange stressed its dedication to security, stating that it always holds reserves 1.5 times greater than user assets to provide maximum protection.

“Our team is investigating, and we remain committed to protecting your assets,” XT.com stated.

In the same post, XT.com announced the upcoming launch of its Merkle Tree Asset Proof System, set for mid-December, which aims to enhance transparency on the platform.

XT.com Withdrawals Up and Running

Amid rising user concerns, XT.com announced that withdrawal services have partially resumed, though currently limited to certain tokens. The platform confirmed that preliminary upgrades and maintenance have been completed on its wallet system, with withdrawals for Tron-related tokens gradually being reinstated.

🚨 #XT Update: Withdrawal services for certain tokens have been resumed! 🚀

The upgrade and maintenance of our wallet have been preliminarily completed, and we’re gradually reopening withdrawals for Tron-related tokens.

Thank you for your continued patience and support! For any… pic.twitter.com/bZ9FJqNFTe
— XT Exchangе 🚀 #XTurns7 (@XTexchange) November 29, 2024

Founded in 2018 and registered in the Seychelles, XT.com is a centralized crуptocurrency exchange offering trading in over 1,000 digital assets. The platform reports a daily trading volume of approximately $3.4 billion, positioning it among the active players in the global crypto market.

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MICHAELA

Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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