FixedFloat, a leading decentralized cryptocurrency exchange, suffered a major exploit resulting in the loss of $26 million worth of bitcoin and ether.
The hack occurred on Sunday, February 17, when users reported issues with frozen transactions and missing funds. FixedFloat originally claimed only minor technical problems but later admitted to the exploit after on-chain data revealed the large transfers. Hackers stole 409 Bitcoins valued at $21 million and over 1,700 Ethereum worth $5 million from the platform.
The method of attack is still unknown, but it appears hackers targeted FixedFloat’s automated system, which does not require user registration or KYC verification. Around 26% of FixedFloat’s web traffic originates from the United States.
In the aftermath, some users stated that FixedFloat support had requested their private keys to allegedly return missing funds. This questionable practice has raised suspicions about the integrity of the exchange and its response.
This latest attack adds to the growing list of exploits targeting cryptocurrency companies. In 2023 alone, over $1.8 billion was stolen from crypto platforms and users.
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