XT Com Hack: $1.7 Million Stolen, What’s Next for Users?
XT Com Hack – XT com, a major cryptocurrency exchange with daily trading volumes of $3.4 billion, has suspended withdrawals following a suspected hack involving $1.7 million worth of cryptocurrency. The exchange announced the suspension on Nov. 28, citing “wallet upgrade and maintenance” as the reason. This decision came just an hour before blockchain security firm PeckShield reported that XT com appeared to have been compromised, with the hacker reportedly making off with $1.7 million in digital assets.
XT com Acknowledges “Abnormal Transfer” of Wallet Assets
Shortly after the hack was reported, XT com issued a statement confirming an “abnormal transfer of platform wallet assets.” The exchange sought to reassure users, stating that the incident would not impact their funds. “Rest assured, this will not affect our users,” XT com assured, emphasizing its commitment to security by maintaining reserves that are 1.5x greater than user assets to safeguard against such incidents.
Stolen Funds Swapped for 461.58 Ether
According to PeckShield’s investigation, the suspected hacker had already swapped the stolen funds for 461.58 Ether (ETH), valued at approximately $1.7 million. The swapped assets were traced to an Ethereum address identified by PeckShield, raising further concerns about the security of the exchange’s wallet infrastructure. The hacker’s ability to quickly convert the stolen funds into Ether suggests a well-planned attack on the platform.
XT com’s Background and Security Measures
XT com, established in 2018 and based in Seychelles, is a centralized cryptocurrency exchange that facilitates trading for more than 1,000 digital currencies. The platform is known for its high daily trading volumes, which reached $3.4 billion at the time of this incident. Despite the breach, XT com has reassured users that their funds remain safe, citing its policy of holding reserves 1.5 times greater than the assets of users.
The exchange is working on resolving the situation and restoring withdrawals. However, as of the time of publication, XT com had not provided further comment on the incident when contacted by Cointelegraph.
The Growing Concern Over Exchange Security
This incident highlights the ongoing concerns surrounding the security of centralized cryptocurrency exchanges. Despite having robust security measures in place, exchanges remain prime targets for hackers due to the large amounts of funds they manage. The hack on XT com adds to a growing list of breaches in the crypto space, underscoring the importance of ongoing security upgrades and user vigilance when trading digital assets.
As the investigation continues, XT com users are urged to stay alert and monitor their accounts for any unusual activity. The exchange’s response to the breach and its ability to restore full functionality will be closely watched by the cryptocurrency community.
Disclaimer: This website’s content is for informational purposes only and does not constitute financial advice, with all cryptocurrency purchases carrying inherent risks.
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