Cryptocurrency

DeFi

Security

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 Cryptocurrency exchange XT.com, which handles daily trading volumes of $3.4 billion, has temporarily suspended withdrawals due to an incident involving an unusual transfer of assets from its platform wallet.
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On November 28, XT.com issued a <a style="color: #0000ff;" href="https://xtsupport.zendesk.com/hc/en-us/articles/40522692897561-XT-has-suspended-all-coin-withdrawals" rel="noopener noreferrer nofollow">statement</a> explaining that the suspension was due to a “wallet upgrade and maintenance.” However, just an hour later, PeckShield <a style="color: #0000ff;" href="https://x.com/PeckShieldAlert/status/1862059885174874355" rel="noopener noreferrer nofollow">revealed</a> that the exchange might have been compromised, with approximately $1.7 million in cryptocurrencies reportedly stolen, indicating that the suspected attacker had already converted the stolen assets into 461.58 Ether (ETH), which were then stored in an Ethereum wallet that they identified.
<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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XT.com has acknowledged irregularities in its platform wallets but has reassured users of its financial stability. The exchange stated, “Rest assured, this will not affect our users,” emphasizing that it maintains reserves 1.5 times greater than user assets to ensure security. Additionally, XT.com<a style="color: #0000ff;" href="https://x.com/XTexchange/status/1862072439154569282?t=fa_AvsMWVpP3KEI5f1V2dQ&amp;s=19" rel="noopener noreferrer nofollow"> announced</a> plans to introduce the Merkel Tree Asset Proof System in mid-December to enhance transparency. The company added, “Our team is investigating, and we remain committed to protecting your assets,” and thanked users for their trust and support.
However, the timeline for reopening withdrawals remains unclear, prompting concern among users. An X user @NG_exhales<a style="color: #0000ff;" href="https://x.com/NG_Exhales/status/1862077092181209484?t=kH0eVaFJ85zhrTKPSSqHlg&amp;s=19" rel="noopener noreferrer nofollow"> asked</a>, 
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 “That’s reassuring. Thanks for that. However, could you help us with the timeline? When will the withdrawals reopen?”
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Founded in 2018 and registered in Seychelles, XT.com facilitates trading over 1,000 digital currencies. The exchange made headlines earlier this year in May 2024 when it<a style="color: #0000ff;" href="https://defi-planet.com/2024/05/xt-com-announces-multiple-new-listings-including-new-memecoin-linked-to-president-biden/" rel="noopener noreferrer nofollow"> announced</a> listing several new tokens and trading pairs, including $BIDEN, a memecoin inspired by U.S. President Joe Biden. The exchange also introduced new futures trading pairs like AEVOUSDT, TAOUSDT, and WUSDT, offering leverage options from 1x to 50x. XT.com launched a zero-fee trading promotion to attract more traders, with participants receiving full refunds on their transaction fees, up to a maximum of 500 USDT.
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The post <a href="https://defi-planet.com/2024/11/xt-com-faces-security-concerns-as-1-7m-in-cryptocurrencies-allegedly-stolen-withdrawals-paused/" rel="noopener noreferrer nofollow">XT.com Faces Security Concerns as $1.7M in Cryptocurrencies Allegedly Stolen, Withdrawals Paused</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

XT.com Faces Security Concerns as $1.7M in Cryptocurrencies Allegedly Stolen, Withdrawals Paused

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