Crypto Exchange FixedFloat Loses $26 Million in Bitcoin and Ether to Hackers
Summary:
FixedFloat, a decentralized cryptocurrency exchange, has been hacked resulting in the theft of more than $26 million worth of Bitcoin and Ether. Initial reports indicated minor technical issues, but the team has since confirmed the breach. The attack prompted numerous claims of frozen transactions and missing funds. The specifics of the hack remain unclear, with the exchange's team currently screening for vulnerabilities and reinforcing security measures. Alarmingly, the FixedFloat website displays an error message across all pages.
Cryptocurrency exchange FixedFloat has suffered a security breach, with an estimated $26 million worth of Bitcoin and Ether stolen, as per blockchain data. The cyber-attack was confirmed by the exchange hours after initial reports on X (formerly known as Twitter). Initially, the large outflows were labelled as "minor technical glitches", resulting in a switch to maintenance mode by the service. Reports of frozen transactions and vanished funds on the exchange's X page have been rampant since February 17. The data on the blockchain reveals the siphoning off of more than 400 Bitcoin (BTC), valued approximately at $21 million, and more than 1,700 Ether (ETH) of nearly $5 million value, conducted on February 18. The exact method of execution of this attack remains unknown. The team of the exchange is currently scrutinizing the safety breach: “We confirm a successful cyber-attack leading to the loss of funds. We will withhold any further comments in the public domain currently as our attention is focused on removing potential weak spots, strengthening our security measures and conducting an inquiry. We anticipate resuming our services soon. More information on this situation will be shared eventually.”Furthermore, all the pages of the FixedFloat website are displaying an error message at this moment. FixedFloat is a self-governing cryptocurrency exchange that does not necessitate user registration or Know Your Customer (KYC) verifications. As per SEMrush data, about 26% of its online traffic originates from the United States. The exchange employs the Lightning Network for Bitcoin transactions. Ensuring the security of blockchain is a significant obstacle that cryptocurrency projects confront. For example, the Solana ecosystem has been a victim of fraud-as-a-service marketplaces selling drainers capable of executing bit-flip attacks. In 2023, Chainalysis has warned about the resurgence of ransomware payments, specifically targeting prominent institutions and infrastructure. A recent study reports that last year, criminal entities acquired a new peak of $1 billion through supply chain attacks, involving individual criminals to large organised crime syndicates.Magazine: DeFi’s billion-dollar secret: The insiders responsible for hacks.
Published At
2/18/2024 7:02:00 PM
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