XeggeX.com crypto exchange down.
XeggeX-Users cannot access the platform or funds at XeggeX.com
What happened at XeggeX ? Was it hacked ?
By Gunnar | https://crypto-hashpower.com/
The formerly very reliable Non-KYC crypto coin exchange has been offline for days now. Xeggex users have contacted Crypto-Hashpower.com and made us aware of this very delicate matter during the last days. This is mainly because users cannot access their funds and or coins deposited at the xeggex exchange.
We are trying to give some insights to the whole matter and check what is known and what is not. Are funds of xeggex users safe ? Or are they gone and not recoverable. Time will tell.
When users try to access their account at the crypto exchange xeggex.com, they currently only get this picture:
Before it went offline, XeggeX.com was a trusted centralized cryptocurrency exchange that offered a range of services, including spot trading, liquidity pools, and a peer-to-peer (P2P) trading platform. It supported over 450 assets and more than 1,100 trading pairs. It used to provide users with a diverse selection of cryptocurrencies. In 2023, XeggeX launched its native token, XPE, on the Binance Smart Chain network. Holding XPE tokens could provide users with benefits such as reduced trading fees and access to exclusive features. XeggeX emphasized security of its users by implementing cold storage, two-factor authentication (2FA), live backups, and encrypted wallets to protect user assets. The platform did not require mandatory Know Your Customer (KYC) verification, which was welcome to lots of users, but to some did raise concerns about security and compliance.
XeggeX.com cannot be reached for the time being. Are the funds of Xeggex-Users safe ?
Until now, that is. XeggeX has recently experienced significant operational disruptions on February 4, 2025, which made accessing the plattfom and their accounts impossible for users. Information about the reasons and consequences for users are very incomplete.
On February 4th 2025, several hours after the exchange became inaccessible, Xeggex posted the following on its account at x.com :
A bit more information was published on the discord channel of Xeggex.com, where a bit more information was posted hours after the incident. Xeggex told useres there that the CEO (only named "Karl") had been "hacked" and that he had "lost tg account". However, no further information was told ("we still don't know details about it"). This seems a bit odd, because normally, a telegram messaging app or account does not have to do much with the provision of a Crypto-Exchange? What data has been aquired by hackers, or has XeggeX.com only shut down to prevent the matter spreading to the exchange ?
Telegram account of XeggeX-CEO hacked ? Why should this matter for the Xeggex-Exchange ?
Nobody seems to know. XeggeX said "Also what is important in this moment is that we succeed to lock down wallets so funds are safe". Xeggex did not say that they actually succeeded it doing this. Or just a typo ?
On 6th of February, the CEO also posted a message, saying that "We are still assessing and have call today with mongo data experts". Obviously, Xeggex was busy to get the backup with all the user data restored. However, it seems as if the operation logs they recovered were not usable, as they "did not have all the info we need", xeggex said. These are the pinned messages at discord for this matter:
After hours of non-information about the matter (which was just not accessible), the platform reported that the CEO's telegram account was hacked.
To protect user funds, XeggeX disconnected its database from the network, causing login problems and rendering user accounts at least temporarily inaccessible. But the fact that the database or the operation logs are not easily recoverable points at the possibility that this operation of shutting down the exchange was not done in the normal way, but in quite a chaotical and disorderly way.
Are the funds of xeggex users safe ? Or have they be lost after this hack ?
The saying in crypto is: not your keys, not your coins. As exchange-users do not know the keys of their various wallets, the cannot access them. It is also unknown if XeggeX moved all funds to a third party in order to avoid hackers to access them.
The discord-user a7a1 summarized the current four problems identified in the discussion at the discord channel of Xeggex.com:
"1- Are funds safe?, 2- Is there backup? 3- Is the backup up-to-date? 4- is it possible to recover from backup?"
It seems as if points 2 and 3 are cleared, but the more important questions 1 and 4 remain unsolved.
We will update you on any progress.
If you have any questions, please do not hesitate to contact us.
