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Crypto Exchange XT Suffers a Hack, Loses $1.7M

Twitter icon  •  Published för 12 timmar sedan  •  Hassan Maishera

Cryptocurrency exchange XT suffered a $1.7 million hack on Wednesday, with the exchange still holding $47.7 million in reserves.

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.

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."

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.

 

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.