Just Another Breach Worth $1.7 Million: XT Exchange

[TomPluz]

Just another hack and the latest victim is XT.com, a medium-sized cryptocurrency exchange doing business for years and is based in Seychelles based on registration but its operating headquarters is located in Dubai and operation centers in Singapore, Seoul and other countries and regions.

Affected assets can be worth at least $1.7 million but XT officially stated that no users are affected as the assets in question belong to the exchange itself...and if true this can be good news for its many small users.

Now, in 2025 am expecting more and more successful hacks as these evil people can now be accelerating their movements and enterprises using the best technologies available to be ahead of the security measures adopted by exchanges.

[yhiaali3]

Thanks for sharing, new victim in crypto world, sad news but good news that the stolen assets are not big and belong to the exchange assets as XT.com says.

I have an account there but I don't have any assets on XT.com at the moment because I don't trade much there because the exchange is small and the trading volume is very small, but sometimes some new coins are listed so I use them from time to time.

We will definitely see more hacking in bull season because the market rally excites scammers and they will be very active in this season. We hope everyone is safe.

[ABCbits]

The stolen amount is smaller than usual news about exchange got hacked and fee they earn from massive trading volume could cover the loss quickly. But it's still bad news since it could reduce buyer confidence on current bull market.

[Z-tight]

I have not heard of XT exchange before, who stores their crypto in such a platform, coins should never be stored in any custodial platform, not to mention a small exchange like this one. However, the amount lost is very small and should be easy to recover from, users' assets may not have been affected this time, but they may not be lucky next time.

[Bobcrypto]

No matter how small the amount of assets stolen from the exchange, it is still not a good development, it may send a wrong signal to both new and existing users at this current bull run.
XT exchange is a tie two exchanges and deserves to be more vigilant because a hack like this could bring down it's growing reputations. The exchange has been striving very hard to compete with the big exchanges, and should not give any gap over security concerns.

[Stompix]

XT.com, a medium-sized cryptocurrency exchange doing business for years and is based in Seychelles based on registration but its operating headquarters is located in Dubai and operation centers in Singapore, Seoul and other countries and regions.

Only when things start going wrong do some realize how bad the situation would be if they needed to get their funds from those, let's assume you're from Brazil or Indonesia, how are you going to deal with an entity based in Seychelles that has almost no assets in Singapore other than a 2x2 rented office?

[Z-tight]

No matter how small the amount of assets stolen from the exchange, it is still not a good development, it may send a wrong signal to both new and existing users at this current bull run.

Exchange breaches is nothing new, it will only send a wrong signal to people who know absolutely nothing about crypto. Exchanges are centralized platforms, they do not represent the general crypto ecosystem, funds should be stored in self custody and not in an exchange to begin with.

[Baofeng]

Let me guess, after the investigation, the likely suspect will be the North Koreans.

In any case, this hackers have perfected their craft already and so we really don't know why exchanges still lacks better security. It's already 2024 and they should have learn from past hacks.

It's good that there are no funds being affected from their customers, and the money that was stolen is not that huge.

[bitterguy28]

Now, in 2025 am expecting more and more successful hacks as these evil people can now be accelerating their movements and enterprises using the best technologies available to be ahead of the security measures adopted by exchanges.

more hacking/scamming attempts? yes but will they be successful ones? hopefully not

at this point of time we should have a better system that allows us to be protected and respected if a company can be breached they should develop their services more and employ better people and better technology

like a medium sized company might still not have enough budgets for big names or fancy technologies but at the very least they should have the strongest basic fundamentals of their business

[Z-tight]

It's good that there are no funds being affected from their customers, and the money that was stolen is not that huge.

Yeah, i don't use this exchange, so i don't know if they suspended withdrawal or not. If the stolen funds all belong to the exchange and it is an amount they can recover from, then that is fine. It is also a warning for users who use the exchange as a wallet, to move their funds into their self custodial wallet.

In any case, this hackers have perfected their craft already and so we really don't know why exchanges still lacks better security. It's already 2024 and they should have learn from past hacks.

It has been happening for a very long time now, and i doubt that exchange hacks will stop being a thing.

[hugeblack]

$1.7 Million is a reasonable amount of money for an average platform but is the platform secure enough to avoid such hackers from recurring? Most platforms will be able to compensate users because we are in a bull market but these attacks will be very damaging when the crypto winter comes and it will be difficult to compensate those affected with the continuous decline in the value of Bitcoin.

[MrSpasybo]

Just another hack and the latest victim is XT.com, a medium-sized cryptocurrency exchange doing business for years and is based in Seychelles based on registration but its operating headquarters is located in Dubai and operation centers in Singapore, Seoul and other countries and regions.

I used to use XT CEX to trade a few ALTs during the bullrun 2021 but haven't used it frequently lately. I only have a few low-cap tokens left in my account there. I hope I can still withdraw my funds after taking profits in the bullrun 2025, and that XT will quickly improve its security situation to protect users.

This event reminds us again of the need for account protection measures. Both retail investors and CEXs need reliable measures to prevent hacker attacks. We've put a lot of effort into investing and making profits, we shouldn't hand them over to hackers!

[Baofeng]

It's good that there are no funds being affected from their customers, and the money that was stolen is not that huge.

Yeah, i don't use this exchange, so i don't know if they suspended withdrawal or not. If the stolen funds all belong to the exchange and it is an amount they can recover from, then that is fine. It is also a warning for users who use the exchange as a wallet, to move their funds into their self custodial wallet.

In any case, this hackers have perfected their craft already and so we really don't know why exchanges still lacks better security. It's already 2024 and they should have learn from past hacks.

It has been happening for a very long time now, and i doubt that exchange hacks will stop being a thing.

As much as we don't like to hear it, yeah, this kind of hacks are going to be prevalent in this market. Everything is out in the open and so this criminals are freely can execute and case their victims and study and then attack.

That's why at least exchanges should be ready anytime and hire someone that had adapt or experience or at least a higher knowledge of hacks and how to find loopholes and close it before this criminals are the one to find it first.

[bhadz]

This didn't made that much noise. I didn't read this on the other forum and with that, only this thread which we're I've known it did happened. I'm scared of these exchange hacks and if it becomes more, that might be the sign that we're nearing to the end of this bull run but I hope that it won't be.

[Kemarit]

This didn't made that much noise. I didn't read this on the other forum and with that, only this thread which we're I've known it did happened. I'm scared of these exchange hacks and if it becomes more, that might be the sign that we're nearing to the end of this bull run but I hope that it won't be.

It didn't made much noise because the amount is just too small. I mean if we compare it to previous hacks, from $10 million to as high as $300 million or more. Nah, it doesn't mean that we are nearing the end of the bull run.

Hacks has nothing to do with it, those hackers are constantly looking for exchanges to breach that's why even in bear market they are continuing their offensive attacks on the weaknesses of any exchanges.