Cryptocurrency exchange XT.com has suspended withdrawal functionality following a major security breach that resulted in losses estimated at $1.7 million. The move aims to protect user assets and secure the platform.
Details of the XT.com Hack
On November 29, 2024, XT.com identified several unusual transactions on its platform. After investigation, the exchange confirmed that its system had been compromised, leading to the loss of approximately $1.7 million worth of digital assets.
XT.com’s Response
Immediately after detecting the breach, XT.com halted all withdrawal activities to prevent further damage. The exchange has since collaborated with security experts and relevant authorities to investigate the incident and has promised timely updates to its users.
Impact on XT.com Users
The suspension of withdrawals may cause inconvenience to users, particularly those needing urgent access to their funds. However, XT.com emphasized that this measure is essential to protect customer assets and ensure the system’s security.
Rising Cyberattacks in the Cryptocurrency Industry
The incident at XT.com is one of many recent attacks targeting cryptocurrency exchanges. Previously, platforms like HECO Chain of HTX (Huobi) and the UwU Lend protocol also fell victim to hackers, resulting in millions of dollars in losses.
Preventive Measures to Protect Assets
To safeguard their assets, users are encouraged to adopt the following measures:
- Use cold wallets: Store most of your assets in cold wallets to mitigate risks from online attacks.
- Enable two-factor authentication (2FA): Enhance account security by using 2FA.
- Stay informed: Regularly check updates from the exchange to stay aware of potential risks and necessary actions.
Conclusion
The attack on XT.com serves as a reminder of the critical importance of security in the cryptocurrency sector. Users should remain vigilant and implement protective measures, while exchanges must continually improve their security systems to counter increasingly sophisticated threats.