Here’s All About the FixedFloat Hack – Cryptocurrency News

23 views 10:06 am 0 Comments February 20, 2024
Here’s All About the FixedFloat Hack

FixedFloat became the latest crypto platform to suffer a hack.

On-chain data shows that a hacker moved around $26 million worth of Bitcoin and Ethereum.

Inside the FixedFloat Hack Incident

The event was first reported on X, after which the FixedFloat team confirmed the situation, citing minor technical problems at first. The FixedFloat team said it is working to identify and resolve all areas of vulnerability following the hack.

Several FixedFloat users took to X on Feb 17th to complain about frozen transactions and missing funds. More than 1,700 ETH worth about $5 million and over 400 bitcoins worth approximately $21 million had been wiped out of the exchange. It remains unclear how the hacker moved the funds. 

The FixedFloat website currently displays an error message. However, the team responded to queries from its users on X, providing clarity on the situation.

When asked if the user’s funds were affected, the exchange replied, “Financial losses affected only our service; user funds were not affected. We also want to emphasize that FixedFloat does not perform the functions of a custodial service, that is, it does not store user funds. We will provide more information later.”

The team recently warned that its site is still under threat. And that it has yet to resume its services. “We have only one domain; all other domains are scammers. Be careful; our service is still under maintenance, and we are not providing services yet,” the team warned. 

What Caused the FixedFloat Hack?

Amidst several theories on what caused the hack, the FixedFloat team has ruled out rumors of an inside job. The team explained in an email that the hack was an external attack “caused by vulnerabilities in our security structure.”

In addition, the team explained that “the problem was in our infrastructure, which was compromised due to flaws and insufficient protection. This allowed the attackers to gain access to some of the functions of our service.”

Speaking in its delayed public statement, the team noted that it did not immediately report the situation because it was “already aware of the incident and immediately began putting our service into maintenance mode to ensure security and minimize losses.” 

The exchange added that “at that time, our main focus was on quickly eliminating weaknesses and strengthening overall security, which prevented us from making public statements about what happened.”

What is FixedFloat?

FixedFloat is a crypto exchange that operates without “know your customer” (KYC) anti-money laundering (AML). The absence of KYC procedures makes the exchange appealing to users interested in privacy. 

However, it leaves the platform and its users disadvantaged, as there is little information for an investigation.

FixedFloat is reportedly collaborating with law enforcement, blockchain forensics companies, and cryptocurrency exchanges to track the hackers. In addition, the exchange promised to fulfill all of its payment obligations once it restarted. 

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