XT Exchange has halted all coin withdrawals following the confirmation of an unusual asset transfer from its platform, resulting in approximately $1 million worth of assets being affected across 12 different currencies. The incident, first reported by blockchain security platform Peckshield, involved a $1.7 million exploit, with the attacker exchanging the stolen assets for 461.58 ETH. Despite the breach, XT reassured users that their assets were secure, emphasizing their commitment to user-centric fund management and security protocols. The exchange plans to introduce the Merkel Tree Asset Proof System for enhanced transparency and security. This breach adds to a series of centralized exchange hacks in 2024, highlighting the critical need for improved security measures in the crypto industry. Oluwapelumi and Liam Wright, from CryptoSlate, advocate for the transformative potential of decentralized technology and provide valuable insights on various crypto-related topics. Read more AI-generated news on: https://app.chaingpt.org/news
XT Exchange Assures Users After $1.7 Million Asset Theft Disrupts Services
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