XT Exchange, a Seychelles-based cryptocurrency trading platform, has suspended all coin withdrawals after confirming the “abnormal transfer of assets” from its platform. The firm reported that about $1 million worth of assets in 12 different currencies were affected. XT stated that they identified an abnormal transfer of assets from the platform wallet with the on-chain address 0xdb3ded7731c781224ec292e2163d9554c094fd7c.

Their technical team is currently conducting an urgent investigation. Blockchain security platform Peckshield first reported the incident, stating that XT suffered a $1.7 million exploit, and the attacker has allegedly swapped the stolen assets for 461.58 ETH valued at approximately $1.66 million at current rates.

XT responded by claiming that the impacted funds involved in the breach belonged to it and assured users their assets were unaffected. XT Exchange has reported a 24-hour trading volume of $3.1 billion, according to CoinMarketCap data, and has approximately $147 million in reserves. The firm plans to launch the Merkel Tree Asset Proof System in mid-December to enhance transparency and security.

XT has suspended all coin withdrawals, citing wallet upgrades and maintenance, but did not provide a clear timeline for when withdrawals would be reactivated. This incident adds to a growing list of centralized exchange (CEX) hacks in 2024. Earlier this month, UAE-based exchange M2 lost $13.7 million in a breach.

Other recent attacks include a $305 million exploit of Japan’s DMM Bitcoin platform, a $235 million hack on India’s WazirX in July, and a $20 million breach of Indonesia’s Indodax exchange. The rise in CEX hacks illustrates the ongoing need for more robust security measures within the crypto industry.

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