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XT Exchange has temporarily suspended withdrawals for all digital assets following what appears to be a security breach. Blockchain security firm<a href="https://x.com/PeckShieldAlert/status/1862059885174874355" rel="noopener noreferrer nofollow">PeckShield</a> has reported that the exchange may have been compromised, with the attacker allegedly stealing $1.7 million in cryptocurrencies and converting the funds into<a href="https://u.today/bitcoin-btc-bounce-to-start-here-ethereum-eth-to-skyrocket-toncoin-ton-dominates-top-15" rel="noopener noreferrer nofollow">Ethereum</a>.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#PeckShieldAlert</a> Our community member has detected that <a href="https://twitter.com/XTexchange?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@XTexchange</a> appears to have been hacked for ~$1.7 million worth of cryptos. The hacker has swapped the stolen funds for 461.58 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> &amp; sit in 0xB43f...8F83 <a href="https://t.co/bwINPguXlZ" rel="noopener noreferrer nofollow">pic.twitter.com/bwINPguXlZ</a>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1862059885174874355?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 28, 2024</a>
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According to an analysis from PeckShield, the<a href="https://u.today/ex-binance-czs-new-business-venture-suffers-hacker-attack" rel="noopener noreferrer nofollow">hacker</a> swapped the stolen assets for 461.58 ETH, which now reside in a wallet associated with the address “0xB43f.” This activity was flagged by members of the blockchain community, prompting the cybersecurity group to issue a detailed alert on the situation.
<h2 dir="ltr" id="xt-breaks-silence">XT breaks silence</h2>
In response to the incident, XT Exchange addressed the issue through a statement on its social media platform. The exchange disclosed that it had identified abnormal transactions originating from its wallet infrastructure but assured users that their assets remained unaffected.
<blockquote class="twitter-tweet">
 🚨 XT Statement on Abnormal Transfer of Platform Wallet Assets 🚨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. Our… <a href="https://t.co/SdEL75PxZF" rel="noopener noreferrer nofollow">pic.twitter.com/SdEL75PxZF</a>— XT Exchange (@XTexchange) <a href="https://twitter.com/XTexchange/status/1862072439154569282?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 28, 2024</a>
</blockquote>
XT said it keeps reserves that are 1.5 times greater than what its users have, so it can cover any potential losses while keeping customers confident. On top of that, the platform said it is going to launch a Merkel Tree Asset Proof System in December to make things even more transparent and build user trust.
XT Exchange is a significant player in the<a href="https://u.today/shiba-inu-shib-receives-thanksgiving-day-chance" rel="noopener noreferrer nofollow">cryptocurrency</a> space, with a reported 24-hour spot trading volume of over $3.15 billion, according to<a href="https://coinmarketcap.com/exchanges/xt/" rel="noopener noreferrer nofollow">CoinMarketCap</a>. The platform's total reported assets are around $146.1 million, making it a major player in the industry. This breach, however, has put the exchange under the microscope, as users and industry observers assess the strength of its security protocols.
Whether this is the end of the misadventures with the exchange or just the tip of the iceberg remains to be seen. <a href="https://u.today/3-billion-crypto-exchange-xt-allegedly-hacked-according-to-peckshield" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

$3 Billion Crypto Exchange XT Allegedly Hacked, According to PeckShield

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