- FixedFloat crypto exchange hacked, $26 million in Bitcoin and Ether stolen.
- Over 1,728 ETH and 409 BTC moved to suspicious addresses on February 18.
- Exchange website displays error message, operates without KYC checks.
FixedFloat, a decentralized cryptocurrency exchange, has verified a security breach which led to the loss of Bitcoin and Ether valued at a minimum of $26 million. Starting from February 17, several customers have reported on the exchange’s X page regarding transactions that have not been processed and missing funds.
Soon after the initial report on X (formerly known as Twitter), the team at FixedFloat recognized the breach. As the large withdrawals began, they switched their services to maintenance mode and stated they were experiencing “minor technical issues.”
On-chain data indicates that on February 18, over 1,728 Ether
FixedFloat said:
“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 operates as an automated exchange for cryptocurrencies and does not necessitate user registration or Know Your Customer (KYC) checks. According to SEMrush data, approximately 26% of the traffic to their website comes from the United States. The exchange utilizes the Lightning Network for transactions involving Bitcoin.
Challenges in On-chain Cybersecurity Measures
One significant problem encountered by cryptocurrency initiatives is cybersecurity within the blockchain. For instance, markets offering Scam-as-a-service have aimed at the Solana network, supplying tools known as drainers that can execute bit-flip attacks.
Furthermore, Chainalysis has forecasted that ransomware payments will pick up again in 2023, emphasizing targeting infrastructure and high-profile institutions. Recent research indicates that, via attacks on supply chains, offenders, who vary from individuals to large criminal groups, have accumulated more than $1 billion in the previous year.
