FixedFloat lost $26 million as a result of hacking

  • The decentralized exchange FixedFloat has experienced a security breach.
  • Currently, the platform is temporarily inaccessible.
  • The estimated loss from the hack is reported to be $26 million.

FixedFloat, a decentralized cryptocurrency exchange, has fallen victim to a hacking incident resulting in the loss of $26 million worth of digital assets. The development team of FixedFloat has confirmed the breach.

Early indications of a potential attack emerged on February 18, 2024, with users encountering difficulties in processing transactions and accessing the website.

Initially, estimates suggested a potential loss of 1,700 ETH ($4.97 million based on the prevailing exchange rate at the time). However, cybersecurity experts later confirmed that the attacker had also made off with 409 BTC (equivalent to approximately $21 million).

Based on on-chain data analysis, it appears that the hacker swiftly redirected the stolen funds to their own wallets, which are now identified as the first and second addresses.

The exchange has acknowledged the security breach but refrained from providing specific details of the incident. They have emphasized their dedication to addressing any vulnerabilities, enhancing security measures, and conducting a thorough investigation. They anticipate the resumption of their services in the near future.

Previously, we highlighted the report from Hacken’s experts detailing hacks and scams in 2023, which resulted in a total loss of $1.9 billion across various incidents.

FixedFloat has been implicated in significant hacking incidents as a platform exploited by attackers seeking to withdraw ill-gotten gains. Notably, the Duelbits crypto casino breach involved the use of FixedFloat.