Crypto Exchange XT Suffers a Hack, Loses $1.7M

TL;DR

• XT has suffered a hack, losing $1.7 million to the attackers.

• The hacker has converted the funds to Ether, which is stored in a newly created Ethereum wallet.

XT Loses $1.7M in a Hack

Blockchain security firm PeckShield reported on Thursday that cryptocurrency exchange XT suffered a hack worth $1.7 million. 

According to Peckshield, the funds were converted to ether (ETH) and now sit in a newly created Ethereum wallet.

#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

The cryptocurrency exchange confirmed this incident in an X post. XT stated that,

"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."

🚨 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… pic.twitter.com/SdEL75PxZF

— XT Exchange (@XTexchange) November 28, 2024

Data obtained from CoinGecko showed that the Seychelles-based exchange has $47.7 million in reserves. 

Since the start of the year, cryptocurrency exchanges have lost millions of dollars to hackers. Earlier this year, Indian crypto exchange WazirX was the victim of a security breach and lost over $230 million, accounting for roughly 45% of its total holdings.

In September,  BingX and Indodax were also hacked, losing $43 million and $22 million, respectively.