UPDATE – Microsoft has confirmed that Xbox Live has not been hacked and that this is a false claim made by the hacker.
A hacker name Reckz0r today claimed to have hacked Xbox Live and exposed more than 48 million users information.
The hacker listed numerous users information (email and password) and upload 6.12GB file of their credentials of every Xbox Live user including nickname;email;password;join date format. Reckz0r also said Microsoft stores its passwords in a plaintext format.
This recently happened after two days Microsoft unveiled its next-generation console, the Xbox One. A Microsoft representative has held on GameSpot and told them they can expect a reply from the company shortly.