XT Exchange, a cryptocurrency trading platform, confirmed a security breach that led to a loss of around $1.66 million across different blockchains. The breach was detected by AI monitoring systems, and funds were transferred to external wallets and quickly swapped and bridged to the Ethereum network.
Withdrawals have been suspended. XT Exchange acknowledged the incident but assured users that their funds remain secure. The company maintains reserves 1.5 times greater than user assets, providing sufficient coverage in such events. XT Exchange is investigating the breach and working to eliminate further risks.
The company will launch its Merkel Tree Asset Proof System in mid-December, which aims to enhance user trust by providing greater transparency into the platform’s asset reserves and financial health.
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