Decentralized Crypto Exchange FixedFloat Falls Victim to $26 Million Hack
A recent hack has targeted decentralized finance (DeFi) crypto exchange FixedFloat, resulting in the theft of over $26 million worth of Bitcoin (BTC) and Ethereum (ETH). Details of the exploit were uncovered by researcher Officer’s Notes.
Hacker Drains Funds from FixedFloat
The hacker responsible for the attack drained 1700 ETH from FixedFloat, transferring the funds to an address on the Ethereum network. They also siphoned off approximately $21 million worth of BTC.
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Stolen ETH Sent to eXchdotch
The stolen ETH was primarily sent to an online exchange called eXchdotch, which uses Thorchain and centralized mixing techniques to obscure the origin of the funds.
False Trail Attempted
The hacker tried to create a false trail by depositing funds into two HitBTC addresses, but no concrete link has been established between these addresses and the hacker’s activities.
User Funds Unaffected
FixedFloat assured its users that their funds were not affected by the hack. The exchange does not function as a custodial service and does not store user funds. It never requested users’ private keys, although it is speculated that the hacker may have acquired the private key required for a Monero (XMR) transaction.
Investigation Underway
The investigation into the hack is ongoing, and the FixedFloat team will provide further information as it becomes available.
FixedFloat’s Lightning Network Integration
Founded in 2018, FixedFloat became known for its Lightning Network integration. This integration allowed users to conduct transactions with accelerated speeds and reduced fees.
Non-Custodial Design
One of FixedFloat’s features is its non-custodial design, which sets it apart from other exchanges. Users can trade without going through registration processes or KYC checks, providing a frictionless trading experience.
User Privacy and Autonomy
The platform’s commitment to user privacy and autonomy has resonated with the crypto community, attracting a loyal user base that appreciates the exchange’s dedication to decentralization.
