Orhan 
The cryptocurrency market was shaken by the sudden announcement from XT Exchange, the 23rd largest centralized exchange, that it had suspended all withdrawal transactions. This move has caused panic among users, with various claims being made regarding the reasons behind the decision.
Security research firm PeckShield reported that XT Exchange was hit by a serious cyber attack, and the attackers converted the stolen funds into Ethereum. According to PeckShield’s on-chain data, the stolen assets were quickly converted into ETH to make tracking more difficult. This incident has sparked a new debate in the crypto world about the security standards of centralized exchanges.
Official Statement from XT Exchange
In its official announcement, XT Exchange stated that the withdrawals were temporarily suspended to ensure the platform’s security. The company mentioned that an expert team was formed to handle the situation, and necessary security protocols have been implemented. However, no detailed explanation was given regarding the extent of the attack or the status of users’ funds.
How XT Exchange will compensate user assets and improve security measures will be critical in determining the platform’s future reputation. Meanwhile, calls for stricter security standards in the crypto ecosystem are increasing.
Such events serve as a reminder of how crucial security is in the crypto world and show that there may be significant shifts in the preferences between centralized and decentralized platforms.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.