XT.com, a significant crypto exchange in Seychelles, faced a hack resulting in a $1.7 million loss. Blockchain security firm PeckShield confirmed the hacker converted the funds into 461.58 Ether. The exchange temporarily suspended withdrawals, citing wallet upgrades.

XT.com assured users that customer funds were secure and that normal withdrawal services would resume shortly. They maintain reserves 1.5 times greater than user assets to ensure safety.

Despite technological advancements, the crypto sector remains vulnerable to cyber attacks. In 2024 alone, $2.1 billion was lost to cybercriminals, showing an increase from the previous year's losses.

Other notable hacks include Radiant Capital, which lost over $50 million, and WazirX in India with a $235 million breach.

While the XT.com hack did not impact customer funds, it underscores the persistent threat of cyber attacks on centralized exchanges.