XT crypto exchange recently experienced a cyber incident that resulted in the loss of an undisclosed amount of funds. Following this security breach, the exchange made the decision to suspend withdrawal services to prevent further impact on user funds.
XT exchange, which is considered an averagely popular crypto exchange, holds the 23rd position on the Coingecko cointracking website in terms of crypto trading platforms. However, on November 28, 2024, the exchange fell victim to a hacking incident that led to a significant loss of funds.
Although the XT team has not disclosed specific details regarding the amount of funds that were compromised, reports from the on-chain crypto transaction tracking platform, PeckshieldAlert, indicate that approximately $1.7 million worth of cryptocurrencies were stolen. The hacker responsible for the breach reportedly exchanged the stolen funds for Ethereum (ETH) coins.
In response to this security breach, the XT exchange team acknowledged the incident and took immediate action to halt all cryptocurrency withdrawals from the platform. This precautionary measure was implemented to safeguard user funds and prevent any further unauthorized access.
To address the fund loss and ensure the exchange’s financial stability, XT has announced plans to launch the Merkel Tree Asset Proof System in September 2025. This new system aims to enhance security measures and protect user assets from potential cyber threats in the future.
As of the latest update provided by XT exchange, all suspended services are scheduled to resume on November 29, 2024. The exchange has reassured its users that withdrawal services will gradually be restored, with full functionality expected within 24 hours.
In light of these developments, the native token of the XT exchange, $XT, has experienced fluctuations in its trade price. Currently valued at $6.3, the token has seen a 4.55% increase over the last 24 hours, despite facing some downward trends in the past hour. The relatively lower popularity of the exchange may have contributed to the token’s resilience amidst the recent security incident.
In conclusion, the XT crypto exchange’s response to the cyber incident highlights the importance of prioritizing user security and implementing robust measures to mitigate risks. By addressing the fund loss and enhancing security protocols, XT aims to rebuild trust with its user base and strengthen its position in the crypto market.