Cryptocurrency exchange XT.com has hit a roadblock, suspending withdrawals following what looks like a $1.7 million hack. The Seychelles-based exchange, which handles daily trading volumes of $3.4 billion, first announced the halt on Nov. 28, citing “wallet upgrade and maintenance.” Shortly after, blockchain security firm PeckShield flagged the breach, identifying the hacker’s Ethereum (ETH-USD) address where funds were already swapped for 461.58 Ethereum, valued at over $3,500 each.
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XT.com Responds to Security Concerns
In a statement, XT.com acknowledged “abnormal transfers” in its platform wallets but reassured users their funds are untouched. “Rest assured, this will not affect our users,” the exchange noted, emphasizing it holds reserves 1.5 times greater than user assets. XT.com plans to launch a Merkle tree proof of reserves by mid-December to build trust and make its operations more transparent.
Funds Allegedly Safe Despite Hack
XT.com insists the stolen funds belong to its own reserves, not user accounts. The incident raises fresh concerns about security on centralized platforms, even as XT.com works to maintain stability. No further comment has been received from the exchange regarding the breach, but users are closely monitoring developments as the crypto world awaits more clarity.
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