FixedFloat, a decentralized cryptocurrency exchange, has fallen victim to a major security breach resulting in the loss of approximately $26 million worth of Bitcoin and Ether. The attack was confirmed by the exchange team shortly after it was reported on social media platform X. Initially, the team attributed the significant outflows to minor technical issues and promptly put their services into maintenance mode.
Since February 17th, numerous users have reported frozen transactions and missing funds on the exchange’s platform. On-chain data reveals that on February 18th alone, over 400 Bitcoin (valued at around $21 million) and more than 1,700 Ether (worth almost $5 million) were drained from the exchange.
The specific details of the attack remain unclear, and the exchange team is diligently investigating the security incident. At present, the FixedFloat website displays an error message on all pages, indicating the extent of the issue.
FixedFloat is an automated crypto exchange that offers a hassle-free trading experience without requiring users to register or undergo Know Your Customer (KYC) verifications. According to data from SEMrush, approximately 26% of the exchange’s web traffic originates from users in the United States. Additionally, the exchange integrates with the Lightning Network to facilitate Bitcoin transactions.
Cybersecurity on the blockchain is a prominent challenge faced by cryptocurrency projects. For example, the Solana ecosystem has recently been targeted by scam-as-a-service marketplaces that provide tools for performing bit-flip attacks. Furthermore, Chainalysis has highlighted the resurgence of ransomware payments, particularly targeting high-profile institutions and infrastructure. A recent report revealed that criminals amassed a record-breaking $1 billion through supply chain attacks in 2022, spanning from individual actors and small criminal groups to large syndicates.
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