Decentralized Exchange FixedFloat Hacked, $26 Million Worth of BTC and ETH Stolen
FixedFloat, a decentralized cryptocurrency exchange, recently announced that it was targeted by hackers who stole $26 million worth of Bitcoin (BTC) and Ethereum (ETH). Security firms confirm that the attacker has already started laundering the funds through other crypto exchanges like eXch.cx and HiTBTC. The exchange’s team acknowledged the hack and theft but did not provide further details, stating that they are working to improve security and investigate the incident. Users have reported missing funds and stalled transactions since February 17th, and the hacker has already moved most of the stolen ETH to eXch and funds to HitBTC to confuse the trail. This hack is the latest in a series of crypto exploits and hacks this month.
FixedFloat Confirms Hack
FixedFloat’s team confirmed the hack on February 18th after suspicious transactions and movement of funds were flagged by blockchain investigators. While the exchange did not provide a public comment on the matter, they acknowledged the hack in a post and mentioned that they are working towards eliminating vulnerabilities, improving security, and conducting an investigation. The team also assured users that the service will be available again soon.
Website Down As Well
In addition to the hack, FixedFloat’s official website was also down, displaying an error message on all pages. The message explained that technical work is ongoing and that the website will be back online soon. FixedFloat is an automated crypto exchange that does not require user registration or Know Your Customer (KYC) verifications. The site receives approximately 26% of its traffic from the United States, according to SEMrush data.
Hacker Already Moving Funds
PeckShield, a blockchain security firm, reported that the hacker transferred most of the stolen ETH to the eXch exchange. Another researcher, Officer’s Notes, discovered that the hacker also moved funds to HitBTC, potentially in an attempt to confuse the trail and frame innocent deposit addresses. It is unclear if this tactic was successful or if it was just a false trail created by the hacker.
No End To Crypto Exploits
This incident adds to the growing list of crypto exploits and hacks. Just this month, there have already been seven major incidents. PlayDapp, a gaming and metaverse platform, lost $32 million due to an access control exploit on February 9th. Duelbuts, another platform, fell victim to a similar exploit on February 13th, losing $4.6 million. These incidents highlight the ongoing security challenges faced by the crypto industry.
Hot Take: Continued Vigilance is Essential
While the crypto industry offers immense opportunities, it is crucial to remain vigilant and cautious. The recent hack of FixedFloat serves as a reminder of the security risks associated with decentralized exchanges. Here are a few key takeaways for you:
- Stay updated: Keep an eye on news and updates regarding security vulnerabilities in crypto platforms.
- Choose reputable exchanges: Opt for well-established and regulated exchanges that prioritize security.
- Enable two-factor authentication (2FA): Add an extra layer of security to your accounts by enabling 2FA.
- Be cautious with personal information: Avoid sharing sensitive information that could make you a target for hackers.
- Secure your assets: Consider using hardware wallets or other secure storage solutions for your cryptocurrencies.
By following these precautions, you can help protect yourself and your assets in the dynamic and ever-evolving crypto landscape.
By
By
By
By
By