Crypto Exchange FixedFloat Clarifies Recent Hack Was External Attack
Crypto exchange FixedFloat has clarified that the recent hack on its platform was not carried out by its employees, but rather an external attack. The exchange explained that the hack was due to vulnerabilities and insufficient protection in its security structure, allowing the attacker to bypass defenses and gain access to some core service functions. However, no user funds were impacted as FixedFloat is a non-custodial exchange, and the affected funds were the exchange’s own assets. The hack has affected the exchange’s ability to fulfill 30 outstanding orders, but payments will be made once services are resumed.
Hack Details and Denial of Internal Involvement
The hack occurred yesterday, resulting in approximately $26 million being drained from FixedFloat’s BTC and ETH wallet. Initially, there were claims on social media that the exchange’s developers were behind the incident and it was a potential rug-pull. However, FixedFloat denied any internal involvement in its comment to crypto.news.
Delay in Reporting and Resumption of Operations
FixedFloat faced criticism for not reporting the hack immediately. The team acknowledged the delay but stated that their main focus was eliminating vulnerabilities and minimizing losses. They believed that publicly reporting the incident immediately would have alerted other threat actors to the security flaw. The platform expects to resume full operations soon and plans to release a comprehensive report once the ongoing investigation is concluded.
🔥 Hot Take: Ensuring Security Measures Against External Attacks
As a crypto enthusiast, it is crucial for you to be aware of the security measures implemented by crypto exchanges to protect your funds from external attacks:
– Choose exchanges with robust security structures and regular vulnerability assessments.
– Opt for non-custodial exchanges that do not hold your funds, reducing the risk of loss in case of a hack.
– Stay updated on any security incidents or breaches reported by exchanges and assess their response and transparency.
– Enable two-factor authentication (2FA) and use strong, unique passwords for your exchange accounts.
– Consider using hardware wallets to store your cryptocurrencies securely.
Remember, staying vigilant and informed about security practices is essential to safeguarding your crypto assets. Stay safe!
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