XT Exchange, a global cryptocurrency trading platform, has recently confirmed a security breach involving unauthorized access to its platform, leading to a loss of approximately $1.66 million across multiple blockchains, including Ethereum, Binance Smart Chain, and Optimism. The breach was detected by their AI-powered monitoring systems, revealing that funds were being transferred to external wallets and swapped and bridged to the Ethereum network.
XT Exchange has suspended withdrawals for now. In a statement, XT acknowledged the abnormal activity and reassured users that their funds remain secure, emphasizing the company’s commitment to safeguarding assets. XT maintains reserves 1.5 times greater than user assets, ensuring sufficient coverage and protection during such events.
The XT Exchange team is actively investigating the breach and working to eliminate further risks. As part of their commitment to transparency and security, XT Exchange announced the upcoming launch of its Merkel Tree Asset Proof System in mid-December. This new system aims to enhance user trust by providing greater visibility into the platform’s asset reserves and overall financial health.
Despite the breach, XT expressed gratitude to its users for their continued support. The exchange’s proactive response and robust reserve policy indicate its dedication to maintaining user confidence and platform integrity. As the investigation continues, XT has reaffirmed its commitment to strengthening security protocols, ensuring that incidents like this do not reoccur.
Users are encouraged to monitor official updates as XT implements additional measures to enhance protection and transparency.
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