In a significant development within the cryptocurrency realm, XT Exchange, one of the major crypto trading platforms, has halted withdrawals. This comes after a potential security breach that may have seen a hacker outwit the exchange’s team and make off with a substantial amount of funds.
While the XT team has yet to officially confirm the news about the breach, the security research firm PeckShield has reported that the hacker managed to steal around $1.7 million. The stolen funds were then swapped for 461.58 ETH.
The exchange has stated in an official announcement that the suspension of withdrawals is due to wallet upgrade and maintenance. “Due to the wallet upgrade and maintenance, XT has suspended all coin withdrawals. Sorry for the inconvenience caused during the suspension,” the team communicated on their support channel. However, the matter has not been addressed or confirmed on their X handle as of now.
Based on data from Coinmarketcap, XT Exchange currently holds the 20th position among the most popular crypto exchanges. It boasts a 24-hour trading volume of $3.16 billion and offers support for over 900 crypto assets.
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