Cryptocurrency exchange XT.com has suffered a hack worth $1.7 million, according to blockchain security firm <a href="https://x.com/PeckShieldAlert/status/1862059885174874355" target="_blank">PeckShield</a>.

The stolen funds were converted to ether <a href="https://www.coindesk.com/price/ethereum" target="_blank">(ETH)</a> and now sit in a newly created Ethereum wallet.

"Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users," XT.com <a href="https://x.com/XTexchange/status/1862072439154569282" target="_blank">wrote on X</a>. "We always maintain reserves 1.5x greater than user assets to ensure maximum security."

CoinGecko <a href="https://www.coingecko.com/en/exchanges/xt" target="_blank">data</a> shows that the Seychelles-based exchange has $47.7 million in reserves and reported trading volume of $3.3 billion in the past 24 hours.

The hack marks the latest in a string of attacks targeting exchanges; <a href="https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained" target="_blank">BingX</a> and <a href="https://www.coindesk.com/markets/2024/09/11/indonesian-crypto-exchange-indodax-hacked-for-22m-pauses-activity-before-bigger-hit" target="_blank">Indodax</a> lost $43 million and $22 million, respectively, in September.

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