XT.com, a cryptocurrency exchange trading $3.4 billion daily, suspended withdrawals on its platform after a suspected $1.7 million hack.
The exchange suspended withdrawals, citing “wallet upgrade and maintenance,” it said on Nov. 28.
XT.com’s withdrawal suspension announcement on Nov. 28. Source: XT.com
The announcement came out about an hour prior to the blockchain security firm PeckShield reporting that XT.com “appeared to have been hacked” for $1.7 million worth of cryptocurrency.
XT.com subsequently issued a statement acknowledging an “abnormal transfer of platform wallet assets.”
“Rest assured, this will not affect our users,” the exchange said, adding that it “always maintains reserves 1.5x greater than user assets to ensure maximum security.’
Hacker swaps stolen funds
According to PeckShield data, the suspected XT.com hacker had already swapped funds stolen from the exchange for 461.58 Ether (ETH). The swapped assets sat on an Ethereum address identified by PeckShield.
PeckShield’s announcement of the alleged XT.com’s $1.7 million hack. Source: PeckShieldAlert
XT.com is a centralized cryptocurrency exchange established in 2018 and is registered in Seychelles. The exchange facilitates trading of more than 1,000 digital currencies, with daily trading volumes amounting to $3.4 billion at the time of writing.
Cointelegraph approached XT.com for a comment regarding the issue but had not received a response at the time of publication.
This is a developing story, and further information will be added as it becomes available.
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