The centralized cryptocurrency exchange XT has suspended withdrawals due to “technical work and wallet updates.” According to PeckShieldAlert, the platform lost $1.7 million as a result of a hacking incident.
Blockchain analysts have determined that the attacker exchanged the stolen crypto assets for 461.58 ETH. The funds are currently held at an address identified by PeckShield.
The affected exchange’s team confirmed the occurrence of an “anomalous transaction” from the platform’s wallet, assuring users that their funds are secure. They stated that the reserves are 1.5 times greater than the total user assets.
Additionally, by mid-December 2024, developers have promised to implement a Merkel Tree Asset Proof system to enhance transparency.
Launched in 2018, XT is a centralized cryptocurrency exchange offering over 1,000 trading pairs, with a daily trading volume of $3.35 billion according to CoinGecko.
