Michaela Alvez
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.com issued a statement announcing the suspension of all coin withdrawals, attributing the decision to “wallet upgrade 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.
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.
Founded in 2018 and registered in the Seychelles, XT.com is a centralized cryptocurrency 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 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 Magazine and The Shib Daily are the official media and publications 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.
