A suspected hack has occurred at XT.com, a Seychelles-based crypto exchange that handles $3.4 billion in daily trading volume. The stolen amount is estimated to be $1.7 million. As a result, the exchange suspended all customer withdrawals.
Blockchain security firm PeckShield reported that the attacker had already converted the stolen funds into 461.58 Ether. Initially, XT.com had claimed that withdrawals were suspended for wallet upgrades and maintenance, but they later confirmed the hack and assured users that their funds were safe.
Withdrawal services will gradually resume tomorrow, November 29. In a post on their social media account, XT.com reassured users that their assets are protected as they maintain reserves 1.5 times greater than user assets.
The exchange was founded in 2018 and offers trading for over 1,000 cryptocurrencies. It is currently the 21st largest centralized exchange based on daily trading volume, according to data from CoinGecko.
