Nov 28, 202410:06 GMT

ETHUSD−1.42%BTCUSDT−0.94%

XT.com, a cryptocurrency exchange trading $3.4 billion daily, suspended withdrawals on its platform after a suspected $1.7 million hack.

The exchange suspended withdrawals, citing “wallet upgrade and maintenance,” it said on Nov. 28.

The announcement came out about an hour prior to the blockchain security firm PeckShield reporting that XT.com “appeared to have been hacked” for $1.7 million worth of cryptocurrency.

XT.com subsequently issued a statement acknowledging an “abnormal transfer of platform wallet assets.”

“Rest assured, this will not affect our users,” the exchange said, adding that it “always maintains reserves 1.5x greater than user assets to ensure maximum security.’

Hacker swaps stolen funds

According to PeckShield data, the suspected XT.com hacker had already swapped funds stolen from the exchange for 461.58 Ether ETHUSD. The swapped assets sat on an Ethereum address identified by PeckShield.

XT.com is a centralized cryptocurrency exchange established in 2018 and is registered in Seychelles. The exchange facilitates trading of more than 1,000 digital currencies, with daily trading volumes amounting to $3.4 billion at the time of writing.