XT.com Investigates $1.7M Potential Hack, Users’ Funds Remain Safe
In Brief
PeckShield reported the potential hack on the XT.com crypto exchange, resulting in the theft of approximately $1.7 million worth of crypto.
Blockchain security firm PeckShield reported that one of its community members identified a potential hack on the XT.com cryptocurrency exchange, resulting in the theft of approximately $1.7 million worth of cryptocurrencies. The firm stated that the hacker exchanged the stolen funds for 461.58 ETH, which were then transferred to an Ethereum address.
In response, the exchange announced that it has suspended all currency withdrawal services due to a “wallet upgrade and maintenance”. It also mentioned that a separate announcement would be made once the recovery process is complete.
The platform later issued another announcement stating that it had detected an unusual transfer from its platform wallet. It assured users that this incident would not impact them, as the platform always maintains reserves 1.5 times greater than user assets to ensure maximum security. The issue is currently under investigation.
XT.com is a global cryptocurrency exchange with operations in Singapore, Europe, and other regions. It offers a wide range of services, including spot trading, futures trading, margin trading, and crypto buying and selling. The platform promotes interest-free margin trading and charges low service fees. XT.com supports over 800 tokens and more than 1,000 trading pairs. According to its website, the exchange has more than 7.8 million registered users, over 1 million monthly active users, and receives over 40 million visitors in its ecosystem.
Regarding security, the exchange is equipped with DDoS attack protection, a three-private-key security structure for added safety, and special measures for securing user accounts and digital assets stored in cold wallets. In December it plans to launch a Merkel Tree Asset Proof System to ensure greater transparency.
Crypto Sector Reels From New Cyberattack, Following WazirX Hack, With M2 Exchange Losing $13.7M
The incident occurs as the cryptocurrency sector is still recovering from the $230 million hack of the WazirX Indian cryptocurrency exchange, which took place less than four months ago.
Notably, earlier this month, the M2 centralized cryptocurrency exchange also experienced a security breach, resulting in the theft of over $13.7 million in a new cyberattack. According to on-chain investigator ZachXBT, hackers managed to steal funds in BTC, ETH, and SOL from the exchange’s hot wallets.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
