XT.com, a Seychelles-based crypto exchange that handles over $3.4 billion in daily trading volume, has suffered an alleged hack involving $1.7 million.
The platform has since suspended all customer withdrawals.
XT.com hack reportedly did not affect customer funds
Blockchain security firm PeckShield revealed that the attacker had already converted the stolen funds into 461.58 Ether. XT.com initially stated that withdrawals were suspended due to wallet updates and maintenance.
However, the exchange acknowledged the incident and stated that users’ funds remain intact. XT.com also assured users that it will gradually resume withdrawal services starting tomorrow, November 29.
Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users. We always maintain reserves 1.5x larger than user assets to ensure maximum security. Our team is investigating and we remain committed to protecting your assets, the exchange posted on X (formerly Twitter).
Founded in 2018, XT.com allows trading of over a thousand cryptocurrencies. According to data from CoinGecko, it is the 21st largest centralized exchange based on daily trading volume.
The amount involved in this incident is approximately 1 million USDT in 12 different currencies. These assets belong to the platform and will not harm the interests of our clients or users in any way, XT.com said in an official statement.
Crypto Hacks Are Not Slowing Down
Cyberattacks continue to be a major problem for the crypto industry. In fact, despite advances in smart contract security and increased crypto adoption, hacks continue to rack up millions every year.
Through September 2024, cybercriminals have stolen $2.1 billion from the industry. This is significantly higher than the $1.6 billion stolen throughout 2023. The total amount by the end of 2024 will be much higher.
In October, blockchain lender Radiant Capital suffered its second major attack of the year, losing more than $50 million in a multi-chain exploit. Hackers compromised a private key, allowing them to empty user assets through automated wallet functions.
In July, one of India’s largest exchanges, WazirX, suffered a $235 million breach. The exchange even offered a $23 million bounty to the hacker to return the funds, but to no avail.
WazirX customers have yet to receive refunds for their lost funds. Indian police recently arrested an individual linked to the hack. However, the broader investigation remains open.
Furthermore, the recent XT.com hack once again shows how vulnerable centralized exchanges are to growing cyber threats.
The article XT.com Suffers $1.7 Million Hack, Suspends Withdrawals appeared first on BeInCrypto Brazil.
