Crypto Exchange Suspends Withdrawals After $1.7 Million Hack

A cryptocurrency exchange was hit by a suspected hack that led to the theft of $1.7 million, prompting the platform to suspend withdrawals.

XT.com, a crypto exchange handling $3.4 billion in daily trades, temporarily halted withdrawals on November 28, citing “wallet upgrade and maintenance,” just an hour before blockchain security firm PeckShield reported the breach.

PeckShield identified the hack, noting that the exchange had lost $1.7 million in digital assets.

The platform later confirmed the unauthorized transfer of funds from its wallet, assuring users that their assets remained secure.

The exchange stated that its reserves are always 1.5 times higher than user assets, providing an added layer of protection.

Further investigation revealed that the hacker had swapped the stolen funds for 461.58 Ether, which was traced to an Ethereum address flagged by PeckShield.

Launched in 2018 and based in Seychelles, the exchange offers a wide range of digital currency trading options, with daily trading volumes reaching $3.4 billion.