In a recent announcement, FixedFloat disclosed that it has been hacked, losing a total of 409 Bitcoin and 1,728 Ethereum as a result of this cyber assault.

Decentralized crypto The exchange known as FixedFloat recently announced a serious security incident that has resulted in a loss exceeding $26 million in Bitcoin and Ether.

Since February 17, users have expressed worries regarding stalled transactions and unaccounted funds, indicating the severity of the situation. In just one day, February 18, more than 400 Bitcoin, valued at approximately $21 million, and over 1,700 Ethereum, amounting to nearly $5 million, were drained from the platform, according to blockchain data. Bitcoin FixedFloat, recognized for its automated trading system that does not require user registration or the Know Your Customer (KYC) process, has unfortunately become a target for exploitation.

At first, the team at FixedFloat attributed the massive withdrawals to what they called 'minor technical glitches' and hastily entered maintenance mode. However, further inquiries uncovered the full scale of the breach, leading to the exchange's team admitting the cyberattack just hours after reports began circulating on platform X.

A user known as Officer’s Notes shared on platform X, 'It appears FixedFloat has just been exploited for 1700 ETH! Address associated with the breach: 0x85c4fF99bF0eCb24e02921b0D4b5d336523Fa085.'

In their response on platform X, FixedFloat said, 'We confirm that a hack has occurred, and funds were indeed stolen. We're not quite ready to discuss this openly yet, as we are busy closing potential security gaps, enhancing our protective measures, and conducting investigations. Our services will resume shortly, and more details will follow soon.'

‘Confirmed: there was a hack, and funds were taken. We're not yet prepared to share additional details as we're working on resolving all potential risks, boosting security, and looking into the situation. Our services will be back soon.’

Why It Matters?

This event highlights a crucial ongoing challenge regarding on-chain security within cryptocurrency projects. Notably, the Solana ecosystem has recently faced similar threats, as scam-as-a-service platforms have emerged, providing tools capable of executing bit-flip attacks. cryptocurrency ecosystem.

Industry experts are expressing concerns regarding the rise of ransomware payments in 2023, particularly aimed at high-profile entities and essential infrastructure. The implications of the FixedFloat incident extend beyond mere financial losses, casting a shadow over the decentralized exchange sector and prompting a re-evaluation of security protocols within the crypto industry.

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