Decentralized cryptocurrency exchange FixedFloat has suffered another hack, resulting in the loss of nearly $2.8 million worth of cryptocurrencies on the Ethereum network. This incident comes just months after the exchange faced a $26.1 million exploit in February.
Reports indicate that an unknown entity quickly took $2.8 million worth of Ethereum (ETH), Tether (USDT), Wrapped Ether (WETH), DAI, and USD Coin (USDC) from FixedFloat’s hot wallet. The attacker apparently used eXch, a smart contract for token swapping, to carry out the unauthorized transactions.
Following these transactions, the hot wallet ceased functioning, prompting the exchange’s website to enter maintenance mode. As of the time of reporting, FixedFloat has not issued any public statements concerning the matter, and the official website is currently inaccessible due to technical maintenance.
USDT issuer Tether has proactively frozen the addresses of these suspicious transactions on FixedFloat.
The latest incident marks another successful breach against FixedFloat, following the previous attack in February, which saw the exchange losing $26.1 million in unauthorized access to its funds. Although details about the February breach are undisclosed, the project’s developers previously dismissed the $26 million hack as a “minor problem.”
Repeated security breaches at FixedFloat raise concerns about user fund safety, prompting the crypto community to await more details on the incident and preventive actions. These incidents underscore the ongoing challenge of securing decentralized platforms.
Also Read: February Sees $360 Million Crypto Theft in 21 Hacks
