FixedFloat Hacked for 409 BTC and 1,728 ETH, Confirms Cyberattack
In Brief
FixedFloat confirmed it was hacked that resulted in a loss of almost $26 million worth of Bitcoin and Ethereum.
Decentralized crypto exchange FixedFloat recently confirmed a significant security breach resulting in the loss of at least $26 million worth of Bitcoin and Ether.
Since February 17, users have voiced concerns about frozen transactions and missing funds, signaling the depth of the issue. On February 18 alone, more than 400 Bitcoin worth around $21 million and over 1,700 Ether worth nearly $5 million were drained from the exchange, according to on-chain data.
The exchange, known for its automated platform that does not require user registration or Know Your Customer (KYC) verifications, fell victim to exploitation.
Initially, the exchange team attributed the substantial outflows to “minor technical problems” and swiftly transitioned its services to maintenance mode. However, further investigation revealed the true extent of the breach, prompting acknowledgement of the attack by FixedFloat’s team hours after it was first reported on social media platform X.
A user by the name Officer’s Notes posted on platform X, “Looks like FixedFloat just got exploited for 1700 ETH! Drainer address: 0x85c4fF99bF0eCb24e02921b0D4b5d336523Fa085.”
“We confirm that there was indeed a hack and theft of funds. We are not yet ready to make public comments on this matter, as we are working to eliminate all possible vulnerabilities, improve security, and investigate. Our service will be available again soon. We will provide details on this case a little later,” FixedFloat said on platform X while replying to the thread.
Why It Matters?
FixedFloat’s user base, particularly in the United States, where approximately 26% of its web traffic originates, adds complexity to the aftermath of the hack. The exchange’s integration with the Lightning Network for Bitcoin transactions further amplifies its importance within the cryptocurrency ecosystem.
This incident further put the spotlight on the ongoing challenge of on-chain cybersecurity faced by crypto projects. Notably, the Solana ecosystem has recently experienced similar threats, with scam-as-a-service marketplaces offering tools capable of executing bit-flip attacks.
Moreover, industry analysts have raised concerns about the resurgence of ransomware payments in 2023, with a specific focus on targeting high-profile institutions and critical infrastructure. The implications of the FixedFloat hack extend beyond the immediate financial losses, casting a shadow on the decentralized exchange landscape and prompting a reassessment of security measures within the crypto community.
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About The Author
Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
More articlesKumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.