$1.7 Million Stolen, User Withdrawals Suspended
XT.com, a Seychelles-based cryptocurrency exchange with a daily trading volume of more than $3.4 billion, was suspected of being hacked, involving a total of $1.7 million.
The platform has since suspended all customer withdrawals.
Blockchain Safety CompanyPeckShield disclose The attackers have converted the stolen funds into 461.58 Ethereum. XT.com initially stated that the reason for suspending withdrawals was wallet Upgrades and maintenance.
However, the exchange later acknowledged the incident and stated that user funds were not affected. XT.com also ensure Users said that cash withdrawal services will be gradually restored starting from tomorrow, November 29.
“Today, XT detected an unusual transfer in our platform wallet. Please be assured that this will not affect our users. We always maintain a reserve 1.5 times higher than user assets to ensure maximum security. Our team is investigating, We remain committed to protecting your assets,” the exchange release on X (formerly Twitter).
Founded in 2018, XT.com allows trading of over 1,000 cryptocurrencies. According to CoinGecko data, it is the 21st largest centralized exchange by daily trading volume.
“The amount involved in this incident is approximately 1 million USDT, involving 12 currencies. These assets are owned by the platform and will not harm the interests of our customers or users in any way.” XT.com said in an official statement. statement.
Cryptocurrency hacks aren’t slowing down
Cyberattacks remain a major pain point for the crypto industry. Despite significant advances in smart contract security and increasing cryptocurrency adoption, Hacker attacks continue to increase Millions per year.
By September 2024, Cybercriminals stole $2.1 billion from industry. This is significantly higher than the $1.6 billion stolen in all of 2023. By the end of 2024, the total value will be much higher.
In October, blockchain lenders Radiance Capital suffers second major attack Best of the Year, lost over $50 million in multi-chain attacks. Hackers leaked private keys, allowing them to steal user assets via automated wallet functionality.
Back in July, WazirX, one of India’s largest exchanges, Suffered a $235 million breach. exchange even $23 million reward The hackers returned the funds, but not in vain.
WazirX customers have yet to receive compensation for lost funds. recent, Indian police arrest man Who is involved in the hack. However, a broader investigation is ongoing.
The latest XT.com hack shows once again how vulnerable centralized exchanges are to growing cyber threats.
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