The crypto exchange reports an “abnormal transfer” of funds but reassures users their assets are unaffected.
Suspicious Activity Triggers Withdrawal Suspension
XT.com, a Seychelles-registered cryptocurrency exchange with a daily trading volume of $3.4 billion, suspended withdrawals on November 28, citing “wallet upgrade and maintenance.” The announcement came shortly before blockchain security firm PeckShield flagged a suspected $1.7 million hack.
🚨 XT Statement on Abnormal Transfer of Platform Wallet Assets 🚨 Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users. 💪 🔒 We always maintain reserves 1.5x greater than user assets to ensure maximum security. Our…
The exchange later acknowledged an “abnormal transfer of platform wallet assets,” but assured users that their funds remain secure and unaffected. XT.com maintains reserves 1.5x greater than user assets, adding, “Funds are SAFU.”
Hacker Converts Stolen Funds
PeckShield reported that the suspected hacker converted the stolen assets into 461.58 Ether (ETH). The swapped cryptocurrency now resides in an Ethereum wallet identified by the security firm.
Transparency Efforts to Reassure Users
XT.com has pledged to enhance transparency by launching a Merkle tree proof of reserves by mid-December. This measure aims to rebuild trust in light of the security incident.
🎙️ We’re LIVE now! We are aware of concerns regarding recent abnormal asset transfers. Rest assured, users’ assets remain safe and unaffected. The affected assets belong to the exchange, and we’re taking immediate action, including launching a Merkle Tree Proof of Reserves by…
A History of Resilience in Crypto Exchanges
Established in 2018, XT.com offers trading for over 1,000 digital currencies. The platform’s swift communication and commitment to security protocols highlight ongoing efforts by crypto exchanges to mitigate the fallout from such incidents.
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