XT Exchange has temporarily halted all coin withdrawals following the discovery of “abnormal asset transfers” from its platform. The company revealed that around $1 million worth of assets in 12 different currencies were involved. They stated: “We identified an unusual transfer of assets from the platform wallet with the on-chain address 0xdb3ded7731c781224ec292e2163d9554c094fd7c.
Our technical team is currently conducting an urgent investigation. The amount involved in this incident is approximately 1 million USDT across 12 different currencies.”
Blockchain security platform Peckshield was the first to report the incident, stating that XT suffered a $1.7 million exploit, and the attacker allegedly exchanged the stolen assets for 461.58 ETH, currently valued at approximately $1.66 million.
XT, a Seychelles-based cryptocurrency trading platform with approximately $147 million in reserves, reported a 24-hour trading volume of $3.1 billion, according to CoinMarketCap data. XT claimed that the compromised funds involved in the breach belonged to the exchange itself and assured users that their assets were untouched.
The company plans to launch the Merkel Tree Asset Proof System in mid-December to improve transparency and security. XT suspended all coin withdrawals, citing wallet upgrades and maintenance, but did not provide a clear timeline for reactivating withdrawals. This incident adds to a growing list of centralized exchange (CEX) hacks in 2024, including a $13.7 million breach of the UAE-based exchange M2, a $305 million exploit of Japan’s DMM Bitcoin platform, a $235 million hack on India’s WazirX, and a $20 million breach of Indonesia’s Indodax exchange.
The rise in CEX hacks highlights the need for stronger security measures within the cryptocurrency industry.
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