XT Exchange Hack: $1.7 Million Stolen, but User Funds Remain Secure

The post XT Exchange Hack: $1.7 Million Stolen, but User Funds Remain Secure appeared first on Coinpedia Fintech News

On November 28 2024, it was reported that XT Exchange, a Seychelles-based cryptocurrency trading platform had been attacked and $1.7 million worth of assets stolen from the traders. 

The illicit withdrawal of funds started from the platform’s own wallet , the tokens transferred belong to twelve distinct categories and are worth about a million USDT.

Blockchain security firm PeckShield stated that the thief had traded the stolen tokens for 461.58 ether – worth $1.66 million at current prices.

Platform’s Immediate Response

XT sought to explain that the breached funds were owned by the platform and would not affect the user’s assets. Largely for security concerns, the exchange decided to halt all its coin withdrawals including XRP following wallet upgrades and maintenance with no particular time as to when the service would resume.

The platform emphasized its commitment to user security, stating:

“Since starting operation, XT.COM has insisted on a user-oriented approach to strictly and standardize its platform fund management and ensure the security of user assets.”

To build more credibility and bring more transparency, XT announced the plan to adopt the Merkel Tree Asset Proof System before mid-December. This will allow users to check asset reserves and increase faith in the security of the project.

Assurances to Users

XT underlined its huge asset reserves which are 1.5 to the user’s balance and that the company can withstand such emergencies. It also recognised user trust and stated that this event reaffirms its commitment to ensuring a safe and secure trading platform.

Well, for now, the believed reliable XT has stayed uncompromised in its provision of impenetrable security and uncompromised transparency.