The cryptocurrency exchange XT recently reported a suspected breach in which hackers stole approximately $1.7 million.
Details of the XT Exchange Hack
According to blockchain security firm PeckShield, the stolen assets were converted into Ethereum following unauthorized transfers from the exchange's wallet infrastructure. XT froze the withdrawal of all digital assets and issued a statement regarding the matter.
XT Exchange's Countermeasures
XT detected unusual transactions in some wallets but noted these did not affect user assets. The hacked funds belonged to the exchange's reserves. XT plans to implement a Merkle tree asset-proof system by mid-December to increase transparency and security in operations.
Growing Cybersecurity Threats
The XT exchange hack is the latest in a series of cyberattacks plaguing the crypto industry. Similar incidents include a $43 million loss at BingX and $22 million at Indodax in September. These incidents have caught the attention of authorities, and last week U.S. officials charged five individuals in a hacking operation that allegedly stole $11 million in cryptocurrency and sensitive data.
XT Exchange aims to strengthen security and restore user trust in light of recent events. This incident emphasizes the need for measures to protect and prevent cyberattacks on cryptocurrency platforms.
