XT Exchange, a cryptocurrency trading platform, has experienced a security breach resulting in a loss of about $1.66 million across various blockchains. Their AI systems detected unauthorized access, with funds being transferred to external wallets and converted to the Ethereum network. Withdrawals have been suspended temporarily.
In an official statement, XT Exchange assured users of their funds’ safety and emphasized the company’s commitment to asset protection. With reserves 1.5 times greater than user assets, the platform is well-equipped to handle such incidents. XT Exchange is actively investigating the breach and working to minimize further risks.
As part of their dedication to transparency and security, they will soon launch the Merkel Tree Asset Proof System, offering greater visibility into the platform’s financial health. Despite the breach, XT Exchange expressed gratitude for user support and remains committed to strengthening security protocols to prevent future incidents.
They encourage users to monitor official updates as they implement additional measures for enhanced protection and transparency.
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<p>The post XT Exchange Confirms Security Breach: $1.66 Million in Losses. first appeared on CoinBuzzFeed.</p>