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Crypto Exchange XT Is Hacked for $1.7M

The exchange said users' funds are safe.

By Oliver Knight|Edited by Sheldon Reback

Nov 28, 2024, 11:00 a.m.

XT.com loses $1.7M in hack (Wesley Tingey/Unsplash)

What to know:

$1.7 million was stolen in what the exchange described as an "abnormal transfer."
The funds were converted to ether and now sit in a newly created Ethereum wallet.
Data shows that XT.com has $47.7 million in reserves.

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.

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"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.

Oliver Knight

Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.