XT crypto exchange faced a cyber incident & lost an undisclosed amount of funds. Following this incident, the Crypto exchange suspended withdrawal services.
XT exchange is an averagely popular crypto exchange. As per available information on the popular cointracking website Coingecko, this centralized crypto exchange is the 23rd-ranked crypto trading platform.
On 28 Nov 2024, the XT crypto exchange faced a hacking incident & lost a significant amount of funds.
However, the XT team failed to disclose any information regarding the hacked funds, but the on-chain crypto transaction tracking platform PeckshieldAlert reported that the victim exchange lost nearly $1.7 million worth of cryptocurrencies & hacker swapped the hacked funds for Ethereum (ETH) coins.
#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
In response to this incident, the XT exchange team confirmed that they were aware of this incident & also stopped withdrawal for any Cryptocurrency from the platform to ensure that no user fund was impacted in this incident.
To ensure that the change is holding a sufficient amount of funds to tackle this fund loss, XT promised to launch the Merkel Tree Asset Proof System in September 2025.
🚨 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
At the time of publication of this report, the latest information shared by the XT exchange confirmed that all the stopped services will restart on 29 Nov.
❤️ We sincerely apologize for the temporary suspension of withdrawals on Nov 28, 2024. Our team identified and fixed an issue to ensure user asset security. ⚠️ Withdrawal services will gradually resume starting 00:00 (UTC) on Nov 29, 2024, with full restoration within 24 hours.… pic.twitter.com/ZmVWURDsAJ
— XT Exchange (@XTexchange) November 28, 2024
$XT coin price action
$XT is the native token of the XT crypto exchange. The current trade price of this token is $6.3 & this price level is 4.55% higher over the last 24 hours period.
Notably the trade price of this token faced some significant downfall in the last 1 hour. Probably, the lower popularity of this crypto exchange helped to survive the trade price of this token.
The current trade price of $XT coin is $6.391 pic.twitter.com/mM1MfYWbxu
— Bitcoinik (@Bitcoinikdotcom) November 28, 2024
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