Crypto Exchange XT Suffers $1.7M Exploit

Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm PeckShield.

The stolen funds were converted to ether (ETH) and now sit in a newly created Ethereum wallet.

“Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users,” XT.com wrote on X. “We always maintain reserves 1.5x greater than user assets to ensure maximum security.”

CoinGecko data shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; BingX and Indodax lost $43 million and $22 million, respectively, in September.