Swyftx Halts Withdrawals and Trading Amid Rumors of Hack

Australian cryptocurrency exchange Swyftx has barred user access since around 2 AM AEST, preventing logins and halting withdrawals.

The status page of the company confirmed that there was a problem and a fix is coming. But as of 5:18 AM AEST, there was no word yet, making users nervous and searching for answers.

The recent update from Swyftx website | Source: Swyftx

Users are becoming increasingly concerned and some of them are utilizing social media platforms to request more details, yet the firm has not provided any information. Speculation regarding an impending breach has been circulating on platforms such as X (formerly Twitter) and Telegram.

The customers fear that the problem may be more than an isolated error, especially with withdrawals and trading remaining halted.

There are some talks that suggest Swyftx may be collaborating with external security teams to investigate the matter, although there has been no official word to corroborate this.

Customers are being warned to exercise caution and keep an eye on accounts during quiet time. Customers have been informed by Swyftx to consider balances held in external wallets linked to the platform as a precaution.

People also fault the exchange for not communicating, especially since in the past there had been cases of Australian crypto exchanges being hacked.

Swyftx now assures that “customer funds are safe” and that the issue’s resolution is on priority. The company also notified users on their status page that they can have live chat support for any question.

In a similar report, the LockBit ransomware group recently reported that more than 60,000 Bitcoin addresses and private messages were linked online after a hacker breached its dack web portal.