PeckShield, a blockchain security firm, has identified a theft on Cryptocurrency exchange XT.com, and $1.7 million worth of funds were stolen.
Details of the Hack
After stealing the funds, the hackers converted the stolen money to Ether (ETH) and transferred it to a new Ethereum wallet.
XT.com acknowledged the incident via an X post, calling it an “abnormal transfer” from their wallet. They reassured users that this hack won’t affect them because the exchange keeps extra reserves—1.5 times the amount needed to cover user assets—ensuring their customers’ funds are safe.
The post read, “Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users.”
“We always maintain reserves 1.5x greater than user assets to ensure maximum security.”
According to CoinGecko, XT.com has reserves totaling $47.7 million. In the last 24 hours after the 1st of December, 2024, the platform recorded $3.3 billion in trading activity, showing that it is a relatively large exchange.
What You Should Know
XT.com’s hack is part of a larger trend where cryptocurrency exchanges are being targeted by cyberattacks. In September, two other exchanges—BingX and Indodax—were hacked, losing $43 million and $22 million, respectively
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