XT.com loses $1.7M to hackers

Here’s how it happened...

Author

Daniel Akpobare
November 29, 2024

GM Explorer,

It’s another day, another hack in the crypto world, folks.

This time, crypto exchange XT.com has fallen victim to hackers, losing around $1.7 million. Pretty unfortunate, right? Let’s dive into the details.

Here’s what we got for you today:

  • 👺 XT.com Loses $1.7M to Hackers!

  • 🤑 Bitcoin's long-term holders cash in big!

  • 🔎 Market Insight

  • 🧱 Around the Block: Charles Hoskinson predicts a Bitcoin surge to $250K–$500K in two years.

👺 XT.com Loses $1.7M to Hackers!

XT.com, the 20th-ranked crypto exchange (according to CoinMarketCap) with a jaw-dropping daily trading volume of $3.4 billion, has suspended withdrawals following a suspected $1.7 million hack.

Many users can’t access their funds right now, and you can bet that’s giving some folks a mini heart attack.

So, what happened?

PeckShield, a blockchain security firm, spotted suspicious outflows from the platform, revealing that the stolen funds were swapped for 461.58 Ether.

But oddly, about an hour before PeckShield dropped the news, XT.com posted about halting all transactions for a “wallet upgrade and maintenance.”

However, once the hack was confirmed, all alarms went off.

XT.com quickly acknowledged an “abnormal transfer” and reassured users that their assets remain secure, with only the exchange’s reserves affected, not individual accounts.

It’s a tough situation, but sadly, it's not rare in the crypto world.

Last year alone, hackers made off with a jaw-dropping $3.8 billion across various platforms, including the $197 million hack of Euler Finance and the $100 million breach of Atomic Wallet.

Honestly, it’s like crypto’s version of a recurring nightmare. So, what should you do? 

  • First, don’t panic (I know, easier said than done, right?).

  • Also, keep an eye on XT.com’s official updates, and maybe consider diversifying your assets across multiple exchanges.

Not all crypto exchanges are built the same, and this breach is a harsh reminder of that.

So when choosing an exchange, ensure you use platforms with strong security protocols and always stay informed about their security practices.

In short, think of it like choosing a good lock for your house— don’t cut corners on security, and definitely don’t go for the cheap option!

For more details on this unfolding situation, click here.

🤑 Bitcoin's Long-Term Holders Cash in Big!

Bitcoin's latest bull run is igniting action among long-term holders (LTHs).

According to Glassnode’s new analysis, these savvy investors have sold over 500,000 BTC since reaching their supply peak in September.

While this figure falls short of the 934,000 BTC sold during the rally leading to March 2024’s all-time high, the profits are nothing short of mind-blowing.

LTHs are currently pocketing $2.02 billion in profits daily—a record-breaking high that eclipsed the previous one in March.

These savvy investors play a crucial role in Bitcoin’s price discovery.

They are a dominant source of previously dormant supply returning into liquid circulation.

And just like in past cycles, they are capitalizing on the inflow of liquidity and the surge in demand to distribute their held supply at scale.

But here’s the kicker:

Not only is a strong demand side essential to fully absorb this surplus overhang, but a period of re-accumulation is also necessary to digest fully.

However, Bitcoin is trading at $96,229.00 at the time of writing (up 3% in the past day), so it’s clear the crypto market is buzzing.

For more insights, click here!

🧱 Around The Block

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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