Crypto exchange XT.com suspends withdrawals amid $1.7M hack report

XT.com, a cryptocurrency exchange trading $3.4 million daily, has suspended all withdrawals on its trading platform following an alleged $1.7 million hack.

XT.com has suspended all cryptocurrency withdrawals, citing “wallet upgrade and maintenance” on Nov. 28, the exchange officially announced 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 stated, 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 alleged XT.com hacker has already swapped the funds stolen from the exchange for 461.58 Ether (ETH). The swapped assets sit on an Ethereum address identified by PeckShield.

PeckShield’s announcement of the alleged XT.com’s $1.7 million hack. Source: PeckShield

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 the daily trading volumes amounting to $3.4 million at the time of writing.

Cointelegraph approached XT.com for a comment regarding the alleged hack but did not receive 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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