Blockchain security firm PeckShield reported that one of its community members identified a potential hack on the XT.com cryptocurrency exchange, resulting in the theft of approximately $1.7 million worth of cryptocurrencies. The firm stated that the hacker exchanged the stolen funds for 461.58 ETH, which were then transferred to an Ethereum address.
In response, the exchange announced that it has suspended all currency withdrawal services due to a “wallet upgrade and maintenance”. It also mentioned that a separate announcement would be made once the recovery process is complete.
#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
The platform later issued another announcement stating that it had detected an unusual transfer from its platform wallet. It assured users that this incident would not impact them, as the platform always maintains reserves 1.5 times greater than user assets to ensure maximum security. The issue is currently under investigation.
XT.com is a global cryptocurrency exchange with operations in Singapore, Europe, and other regions. It offers a wide range of services, including spot trading, futures trading, margin trading, and crypto buying and selling. The platform promotes interest-free margin trading and charges low service fees. XT.com supports over 800 tokens and more than 1,000 trading pairs. According to its website, the exchange has more than 7.8 million registered users, over 1 million monthly active users, and receives over 40 million visitors in its ecosystem.
Regarding security, the exchange is equipped with DDoS attack protection, a three-private-key security structure for added safety, and special measures for securing user accounts and digital assets stored in cold wallets. In December it plans to launch a Merkel Tree Asset Proof System to ensure greater transparency.
XT Statement on Abnormal Transfer of Platform Wallet Assets
Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users. 
We always maintain reserves 1.5x greater than user assets to ensure maximum security.
Our… pic.twitter.com/SdEL75PxZF
— XT Exchange (@XTexchange) November 28, 2024
Crypto Sector Reels From New Cyberattack, Following WazirX Hack, With M2 Exchange Losing $13.7M
The incident occurs as the cryptocurrency sector is still recovering from the $230 million hack of the WazirX Indian cryptocurrency exchange, which took place less than four months ago.
Notably, earlier this month, the M2 centralized cryptocurrency exchange also experienced a security breach, resulting in the theft of over $13.7 million in a new cyberattack. According to on-chain investigator ZachXBT, hackers managed to steal funds in BTC, ETH, and SOL from the exchange’s hot wallets.
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