$1.7 Million Stolen, but User Funds Remain Secure
On November 28, 2024, it was reported that XT Exchange, a cryptocurrency trading platform based in Seychelles, had been under attack Assets worth $1.7 million were stolen from the traders.
The illegal withdrawal of funds started from the platform’s own wallet, and the transferred tokens belonged to twelve different categories and were worth approximately one million US dollars.
Blockchain security firm PeckShield said the thieves exchanged the stolen tokens for 461.58 ether — worth $1.66 million at current prices.
XT tried to explain that the leaked funds belong to the platform and will not affect users’ assets. Mainly due to security concerns, the exchange decided to stop withdrawals of all coins, including XRP, following wallet upgrades and maintenance, but did not specify when services would be restored.
The platform emphasized its commitment to user safety, saying:
“Since its operation, XT.COM has insisted on being user-oriented, strictly standardizing platform fund management to ensure the safety of user assets.”
In an effort to build more credibility and bring more transparency, XT announced plans to adopt a Merkle tree proof-of-asset system by mid-December. This will allow users to check asset reserves and increase confidence in the security of the project.
Guarantee to users
XT emphasized that its huge asset reserves are 1.5 times user balances and the company can withstand such emergencies. It also recognized the trust of its users and said the event reaffirmed its commitment to ensuring the trading platform is safe and secure.
Well, for now, the trustworthy and reliable XT remains uncompromising in providing impenetrable security and uncompromising transparency.
