The crypto exchange staff verified the incident on February 18th, only hours after the first claims surfaced on X.
According to on-chain data, the decentralized cryptocurrency exchange FixedFloat has been compromised, resulting in the theft of at least $26 million worth of Bitcoin and Ethereum.
A few hours after the first complaint on X (previously Twitter), the exchange team verified the assault. After first blaming “small technical difficulties” for the enormous outflows, the team put their services into maintenance mode.
Several customers have complained on the X page of the exchange about stalled transactions and lost cash since February 17th. The 18th of February saw the drain of over 400 bitcoins, with a combined value of approximately $5 million, according to on-chain statistics.
Not much is known about the attack’s execution. Reports indicate that the exchange team is now looking into the security incident: “Yes, a hack and theft of funds did occur, as we can confirm. While we investigate, strengthen security, and fix any remaining vulnerabilities, we are not prepared to make any public remarks at this time. We will shortly restore service. In a little, we shall disclose specifics on this matter.”
Also, at the moment, an error notice appears on every page of the exchange’s website. Neither user registration nor Know Your Customer (KYC) verifications are necessary for FixedFloat, an automated cryptocurrency exchange. U.S. users account for around 26 percent of SEMrush’s total web traffic. To facilitate Bitcoin transactions, the exchange has integrated with the Lightning Network.
Crypto projects encounter many obstacles, one of the most significant being on-chain cybersecurity. For example, scam-as-a-service markets have provided drainers capable of bit-flip assaults to the Solana ecosystem.
Additionally, Chainalysis predicted that in 2023, ransomware payments will resume, focusing on prominent institutions and infrastructure. Any number of criminals, from solo operators to massive syndicates, raked in over $1 billion via supply chain hacks, according to a new analysis.
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