XT crypto exchange recently experienced a cyber incident that resulted in the loss of an undisclosed amount of funds. Following this unfortunate event, the exchange made the decision to suspend withdrawal services to ensure the safety and security of user funds.
XT exchange is considered to be an average popular crypto exchange in the market. According to data from Coingecko, a well-known coin tracking website, XT exchange holds the 23rd position among centralized crypto trading platforms.
The incident took place on 28th November 2024 when the XT exchange fell victim to a hacking attack, leading to a significant loss of funds. While the exact amount of funds lost was not disclosed by the XT team, reports from PeckshieldAlert, an on-chain crypto transaction tracking platform, indicated that approximately $1.7 million worth of cryptocurrencies were stolen. The hacker reportedly exchanged the stolen funds for Ethereum (ETH) coins.
In response to the security breach, the XT exchange team acknowledged the incident and promptly halted all withdrawal services on the platform to prevent any further impact on user funds. To reassure users and demonstrate their commitment to safeguarding funds, XT announced plans to implement the Merkel Tree Asset Proof System in September 2025.
A statement shared by XT exchange on Twitter reassured users that measures were in place to protect user assets, with reserves maintained at 1.5 times the amount of user funds. The exchange also confirmed that all suspended services would resume on 29th November, restoring normalcy to operations within 24 hours.
The native token of XT exchange, $XT, experienced some price volatility following the cyber incident. Currently trading at $6.3, the token saw a 4.55% increase over the last 24 hours, despite a recent downturn in trading prices. The relatively lower popularity of the exchange may have contributed to the token’s resilience in the face of the security breach.
As the crypto industry continues to navigate challenges and security threats, incidents like the one faced by XT exchange serve as a reminder of the importance of robust security measures and proactive risk management strategies. Stay tuned for further updates on the developments at XT exchange and the broader cryptocurrency market.