After a suspected $1.7 million breach, XT.com, a cryptocurrency exchange with a reported daily trading volume of $3.4 billion, has suspended withdrawals.
Citing “wallet upgrade and maintenance,” the exchange suspended disbursements on November 28.
The statement was released approximately one hour before a report by blockchain security firm PeckShield indicated that XT.com had been “hacked” for $1.7 million in cryptocurrency.
Subsequently, XT.com released a statement that recognized an “abnormal transfer of platform wallet assets.”
Hackers exchange stolen funds
Per PeckShield data, the suspected XT.com intruder had already exchanged the funds stolen from the exchange for 461.58 Ether. PeckShield identified the Ethereum address where the transferred assets were located.
XT.com is a centralized cryptocurrency exchange initially founded in 2018 and registered in the Seychelles.
The exchange facilitates trading over 1,000 digital currencies, with daily trading volumes of approximately $3.4 billion.
Funds are SAFU
In an additional communication to its followers on X, XT.com assured users that their crypto holdings at the exchange are secure and unaffected by “recent abnormal asset transfers.”
XT.com emphasized that the assets are part of the exchange’s reserves. Subsequently, user account balances are negligible.
“We are taking immediate action, such as launching a Merkle tree proof of reserves by mid-December to increase transparency,” XT.com stated.
