FixedFloat Confirms $26M Exploitation in Bitcoin, Ether

Decentralized crypto exchange FixedFloat has been mined with at least $26 million worth of Bitcoin and Ether, according to chain data.

The exchange team confirmed the attack a few hours after it was first reported on X (formerly Twitter). The team initially attributed the massive outage to “minor technical issues” and put the services into maintenance mode.

Since February 17, several users have reported frozen transactions and their funds on the X page of the exchange. On-chain data shows that on February 18, nearly $5 million worth of over 400 Bitcoins (BTC) and over 1,700 Ethers (ETH) were poured into the network on February 18.

There is no clear indication of how the attack was carried out. The exchange's team is said to be investigating the security incident.

“We have indeed confirmed that there was embezzlement and theft. We are not yet ready to comment publicly on this issue as we are working to remove, improve security, and investigate all vulnerabilities. Our service will be available again soon. We will provide details on this matter shortly.

Also, the exchange's website is currently showing error messages on all pages.

FixedFloat is an automated crypto exchange that does not require user registration or KYC verification. According to data from SEMrush, 26% of web traffic comes from users in the US. The exchange integrates with the Lightning network for Bitcoin transactions.

On-chain cyber security is one of the challenges crypto projects face. Solana Ecosystem, for example, has been targeted by defrauding drain tools that can carry out bit-reversal attacks as a service marketplace.

Chainalysis predicts a return of ransomware in 2023, particularly targeting high-profile institutions and infrastructure. According to a recent report, criminals made a record $1 billion in supply chain attacks last year, from individuals and petty criminals to large corporations.

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