XT Exchange, a Seychelles-based crypto trading platform, has suspended all coin withdrawals and is currently investigating an “abnormal transfer of assets” incident. The platform confirmed the transfer of about $1 million worth of assets across 12 different currencies. Blockchain security platform Peckshield first reported the incident, stating that XT suffered a $1.7 million exploit.
The attacker allegedly swapped the stolen assets for 461.58 ETH, valued at approximately $1.66 million at current rates. XT maintains that the impacted funds belong to the exchange and assures users that their assets were not affected. The platform has established asset reserve funds 1.5 times greater than those of users on the exchange and plans to launch the Merkel Tree Asset Proof System in mid-December to enhance transparency and security.
In the meantime, XT has suspended all coin withdrawals due to wallet upgrades and maintenance, without providing a clear timeline for reactivation. This incident adds to a growing list of centralized exchange hacks in 2024, highlighting the ongoing need for improved security measures within the crypto industry.
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<p>The post XT Exchange Halts Withdrawals After $1 Million Asset Theft first appeared on CoinBuzzFeed.</p>
