XT Exchange Hacked? PeckShield Claims $1.7 Million Hack Attack, Exchange Says “Don’t Worry”

Today, a few hours ago, critical posts began to spread that a cryptocurrency exchange had been hacked. First of all, PeckShield, one of the Blockchain

A crypto exchange was reportedly hacked on Monday for $1.7 million, according to Blockchain detective PeckShield.

The exchange, identified as XT Exchange by CoinGecko, is said to have had the stolen funds converted into 461.58 ETH by the hacker.

PeckShield noted the development in a post shared a few hours ago.

Meanwhile, an official statement is yet to be released by the exchange.

However, the exchange is reported to have stated in an earlier announcement that it will be launching a Merkle Tree proof of existence system in mid-December for increased transparency.

Merkle Tree is a cryptographic tool that enables large volumes of data to be combined into a single hash.

The single hash, known as the Merkle Root, serves as a cryptographic seal that "summarizes" all the data entered.

Furthermore, Merkle Tree empowers users to verify specific content included within a particular "sealed" data set.

This capability of Merkle Tree has seen crypto exchanges integrate it to verify their reserves following the FTX fiasco.