XT Exchange pauses withdrawals following a potential hack

by

As an analyst with years of experience in the cryptocurrency market, this latest incident involving XT Exchange raises serious concerns. The fact that such a large platform, currently ranked 20th in popularity, has been breached and over $1.7 million worth of funds have been stolen is unsettling.

It was recently announced that one of the major cryptocurrency trading platforms, XT Exchange, temporarily halted withdrawals following suspicions of a possible security breach. The culprit behind this incident is believed to have successfully bypassed the platform’s security measures and made off with approximately $1.5 million from the exchange’s wallet.

According to reports, PeckShield, a security research firm, posted information indicating that an unknown hacker is suspected of stealing around $1.7 million from XT, although the XT team themselves have not yet confirmed this breach. The hacker allegedly exchanged the stolen funds for approximately 461.58 ETH.

According to the latest update from the platform, the pause in withdrawals is due to necessary wallet upgrades and maintenance. In simpler terms, they’ve temporarily stopped all coin withdrawals because they’re updating and maintaining their digital wallets. Apologies for any inconvenience this may cause during this period.

Although there has not been any confirmation on their X handle regarding the matter. 

Based on information from Coinmarketcap, Exchange XT is presently the 20th most widely used cryptocurrency exchange, handling a trading volume of approximately $3.16 billion within the last 24 hours. It offers support for more than 900 different digital assets.

Read More

2024-11-28 14:31