XT.com, a Seychelles-based crypto exchange handling over $3.4 billion in daily trading volume, has experienced a suspected hack involving $1.7 million. 

Since then, the platform has suspended all customer withdrawals. 

Blockchain security firm PeckShield revealed that the attacker had already converted the stolen funds into 461.58 Ether. XT.com initially said withdrawals were suspended due to wallet upgrades and maintenance.

However, the exchange has since acknowledged the incident and stated that user funds were not affected. XT.com also assured users that withdrawal services would gradually resume starting tomorrow, November 29.

“Today, XT detected an abnormal transfer from our platform wallet. Rest assured, this will not affect our users. We always maintain reserves 1.5x greater than user assets to ensure maximum security. Our team is investigating, and we remain committed to protecting your assets,” the exchange posted on X (formerly Twitter).

Founded in 2018, XT.com allows trading for more than 1,000 cryptocurrencies. According to CoinGecko data, it’s the 21st largest centralized exchange based on daily trading volume.  

“The amount involved in this incident is approximately 1 million USDT across 12 different currencies. These assets are owned by the platform and will not in any way harm the interests of our customers or users,” XT.com said in official statement.

Crypto Hacks Are Not Slowing Down

Cyber attacks continue to be a major pain point for the crypto industry. Despite notable advancements in smart contract security and increasing crypto adoption, hacks continue to rack up millions every year. 

By September 2024, cybercriminals had stolen $2.1 billion from the industry. This is significantly higher than the $1.6 billion stolen throughout 2023. The overvall value by the end of 2024 will be much higher. 

In October, blockchain lender Radiant Capital suffered its second major attack of the year, losing over $50 million in a multi-chain exploit. Hackers compromised a private key, enabling them to drain user assets through automated wallet functions.

Back in July, one of India’s largest exchanges, WazirX, suffered a $235 million breach. The exchange even offered a $23 million bounty for the hacker to return the funds but in no vain. 

WazirX customers are yet to receive reimbursement for their lost funds. Recently, the Indian police arrested an individual who was linked to the hack. However, the wider investigation remains open. 

The latest XT.com hack shows yet again how vulnerable centralized exchanges are to the growing cyber threats. 

November was marked by Bitcoin reaching a new all-time high, with other coins like Solana and SUI following its lead. Although the altcoins season may not be here yet, as BTC continues to dominate the charts, projects like Virtual Protocol (VIRTUAL), Pyth Network (PYTH), and Raydium (RAY) are showcasing impressive growth.

VIRTUAL has surged 71.29% in the last seven days, driven by the narrative about artificial intelligence coins. Meanwhile, PYTH and RAY are capitalizing on ecosystem dominance and utility, with both tokens gaining significant traction and highlighting the expanding potential of DeFi and blockchain technology.

Virtual Protocol (VIRTUAL)

Recently achieving a new all-time high, VIRTUAL broke past the $1 billion market cap and solidified its position as a rising star in the artificial intelligence altcoins narrative.

The coin has surged 161.75% in the past month, driven by growing interest in AI-focused blockchain projects. As the AI coin narrative continues to gain traction, VIRTUAL’s momentum suggests there could still be significant upside potential.

This recent surge has propelled VIRTUAL to become the fifth-largest AI coin by market cap. It now ranks behind RENDER, TAO, FET, and WLD while surpassing AKT.

Pyth Network (PYTH)

Pyth (PYTH), the native token of Pyth Network, has risen 27.14% over the past 30 days, reflecting renewed interest in the blockchain oracle for market data. While PYTH reached an all-time high of $1.15 on March 16, 2024, its price remains roughly 60% below that level.

The network’s TVL has grown to $520 million from $408 million last month. That shows progress but is still far below its record $1.37 billion in March.

If PYTH maintains its current momentum, it could break through the $0.49 resistance and test $0.55 or even $0.60 in the near term. Its oracle business could also be positively impacted by altcoins season.

Raydium (RAY)

Raydium (RAY) has emerged as the most dominant decentralized exchange globally, surpassing platforms like Uniswap and PancakeSwap in fees generated.

Over the past 30 days, Raydium has brought in over $200 million in fees, outperforming major projects like Jito, Solana, Ethereum, Circle, and Uniswap, second only to Tether. Raydium could continue growing as meme coins become more relevant in the crypto ecosystem.

RAY is currently up 61.40% in the past month and an astounding 1,345.81% in the past year, though it remains 67.87% below its all-time high from 2021.

Given Raydium’s dominance and rapid growth, the token’s recent performance could signal the beginning of an even stronger upward trajectory as altcoins season is just getting started.

Shiba Inu (SHIB) coin holders, instrumental in the meme coin’s recent recovery, are driving the potential for another rally. Over the past three days, a significant number of SHIB tokens have been moved off exchanges, signaling strong activity.

With this in place, SHIB’s price might climb above $0.000025. But do other metrics align with the bias?

Shiba Inu Investors Continue to HODL

On November 23, Glassnode data showed an increase in the number of SHIB tokens on exchanges. Interestingly, this coincided with the token’s price drop to $0.000024. However, over the last three days, Shiba Inu coin holders have taken a cumulative 5.45 trillion tokens off exchanges.

At the cryptocurrency’s current price, this is worth about $162 million. Typically, when more tokens enter exchanges, it means that most holders are willing to sell, which could negatively affect the price.

Since most Shiba Inu coin holders move their assets off these platforms, they do not plan to let go in the short term. If sustained, then SHIB’s price could climb higher soon.

Besides that, data from IntoTheBlock shows that several short-term SHIB holders have refrained from selling the token within the last 30 days. This data is according to the Balance by Time Held.

When the metric increases, it implies that most holders still have a chunk of the asset in their possession. On the other hand, a decline implies that most are selling, which is bearish for the cryptocurrency. 

Therefore, if these short-term Shiba Inu holders maintain their position, then the token’s value might not experience a significant drawdown.

SHIB Price Prediction: Token Forms Bull Flag

On the daily chart, SHIB’s price has formed a bull flag on the daily chart. A “bull flag” is a technical chart pattern that indicates a potential continuation of an uptrend. It begins with a sharp price surge (the “flagpole”) followed by a brief consolidation in a tight range (the “flag”). 

This pattern resembles a flag on a pole and suggests that once the consolidation phase ends, the price is likely to break out. As seen below, SHIB’s price seems to be following this pattern. Thus, if buying pressure increases, the token’s value could surge to $0.000030.

In a highly bullish scenario, the crypto’s value could rise to $0.000032. On the flip side, if Shiba Inu coin holders decided to move more tokens into exchanges, this trend might change. Should that be the case, the meme coin could drop to $0.000020.