The decentralised crypto exchange FixedFloat has confirmed a hack that resulted in the theft of Bitcoin and Ether worth at least $26 million. The exchange team initially attributed the massive outflows to “minor technical problems” and put its systems on maintenance, but later confirmed the hack and theft of funds. Since February 17, several users have reported stalled transactions and missing funds on the company’s X page. According to on-chain data, over 400 Bitcoin worth around $21 million and more than 1,700 Ether worth about $5 million were drained on February 18. FixedFloat’s official website was also displaying an error message on all pages.
FixedFloat is an automated cryptocurrency exchange that does not require user registration or Know Your Customer (KYC) verification. Around 26 per cent of their site traffic originates from consumers in the US. Meanwhile, a report by the blockchain intelligence company TRM Labs revealed that threat actors tied to North Korea stole at least $600 million in cryptocurrency in 2023.
The exchange has confirmed the hack and theft of funds, and has stated that they are working to eliminate all possible vulnerabilities, improve security, and investigate the matter. However, they are not yet ready to make public comments on the issue. The service is expected to be available again soon.
The incident raises concerns about the security of decentralised crypto exchanges, especially those that do not require user registration or KYC verification. The theft of such a significant amount of Bitcoin and Ether also highlights the need for robust security measures in the cryptocurrency space.
With additional reports of threat actors tied to North Korea stealing large amounts of cryptocurrency, the security and integrity of the cryptocurrency market is under scrutiny. The incident at FixedFloat serves as a reminder of the risks associated with trading and storing cryptocurrency, and the importance of strict security measures in the industry.
The exact details of the hack and how it was carried out are still under investigation, and the exchange has not provided further information on the matter. The incident has also prompted concerns about the security of other decentralised exchanges, and the potential vulnerability of user funds on such platforms. This incident will likely prompt a discussion about the need for stronger security protocols in the cryptocurrency industry.
In conclusion, the hack and theft of funds at FixedFloat has raised significant concerns about the security of decentralised crypto exchanges, and the need for robust security measures in the cryptocurrency space. The incident serves as a reminder of the risks associated with trading and storing cryptocurrency, and the importance of strict security protocols in the industry. The exchange has confirmed the hack and theft of funds, and has stated that they are working to eliminate vulnerabilities, improve security, and investigate the matter. However, the exact details of the hack and how it was carried out are still under investigation.
