Crypto exchange XT.com has suspended all withdrawals due to an alleged hack involving $1.7 million worth of cryptocurrency. The decision to halt withdrawals, initially attributed to 'wallet upgrade and maintenance,' came shortly before blockchain security firm PeckShield reported the suspicious activity. XT.com acknowledged an 'abnormal transfer of platform wallet assets' but did not confirm the hack explicitly. The exchange assured users that their assets are secure, claiming to maintain reserves 1.5 times greater than user deposits. PeckShield noted that the suspected hacker has already converted the stolen funds into Ethereum. Founded in 2018 and registered in Seychelles, XT.com has a daily trading volume of $3.4 million and offers trading for over 1,000 digital currencies. This is a developing situation, and further updates are anticipated as more information becomes available.

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