Brief Look at XeggeX
Xeggex, a cryptocurrency exchange, ceased operations after a series of incidents that ended in a bankruptcy filing in June 2025. In February 2025, the management company reported that the Telegram account of its executive had been hacked, an event that undermined user trust and coincided with technical failures. Databases were disabled, wallets were blocked, and account access was disrupted. Some clients reported seeing zero balances in their accounts.
The exchange attempted to resume operations, promising to restore withdrawals and reopen access, but these measures were never implemented. As liquidity problems grew and confidence fell, users began reporting blocked accounts and delayed transactions.
At the end of June, Xeggex posted a notice on its website announcing its closure and bankruptcy, citing the February hack and “other recent problems.” By July, the site was offline and communication channels were closed. Industry reports estimated losses of up to $80 million, affecting more than 12,000 clients. The exchange stopped responding to users and never presented any plan to resume operations.
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