XT Exchange Hacked: $1.7 Million Stolen

The centralised cryptocurrency exchange XT has suspended withdrawals due to “technical work and wallet updates.” According to PeckShieldAlert, the platform lost $1.7 million in a hack.

#PeckShieldAlert Our community member has detected that @XTexchange appears to have been hacked for ~$1.7 million worth of cryptos.
The hacker has swapped the stolen funds for 461.58 $ETH & sit in 0xB43f…8F83 pic.twitter.com/bwINPguXlZ

— PeckShieldAlert (@PeckShieldAlert) November 28, 2024

Blockchain analysts concluded that the perpetrator exchanged the stolen crypto assets for 461.58 ETH. The funds remain at an address identified by PeckShield.

The affected exchange’s team confirmed information about an “anomalous transaction” from the platform’s wallet and assured that client funds are safe — the reserve volume is 1.5 times the amount of user assets.

Additionally, by mid-December 2024, developers promised to implement a Merkel Tree Asset Proof system to enhance transparency.

XT is a centralised cryptocurrency exchange launched in 2018. The platform offers more than 1000 pairs, and according to CoinGecko, its daily trading volume amounts to $3.35 billion.

Previously, North Korean hackers were held responsible for the 2019 hack of the Upbit exchange and the theft of 342,000 ETH.