FixedFloat Hack: Bitcoin and Ethereum Losses Reach $21 Million

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Key takeaways:

  • Due to a serious hack, FixedFloat lost roughly 409 Bitcoins ($21.17M) and 1728 Ethers ($4.85M).
  • The exchange went into maintenance mode with only “minor technical problems” mentioned on the website.

Due to a serious hack, FixedFloat, a non-custodial cryptocurrency exchange well-known for its backing of the Bitcoin Lightning Network, lost roughly 409 Bitcoins ($21.17M) and 1728 Ethers ($4.85M).

The Ethereum network address 0x85c4 is the attacker’s way of identifying himself in the FixedFloat breach. They distributed the stolen Ethers to other addresses before sending them to the exchange. 

Similarly, the same attacker dispersed the stolen Bitcoins over several addresses on the Bitcoin network using the address 0bc1q without taking any further action. The exchange acknowledged the FixedFloat hack and said more information would be released at a later time. 

The attack’s method of execution is not entirely evident. The security incident is apparently being looked at by the exchange team:

“We confirm that there was indeed a hack and theft of funds. We are not yet ready to make public comments on this matter, as we are working to eliminate all possible vulnerabilities, improve security, and investigate. Our service will be available again soon. We will provide details on this case a little later.”

Nevertheless, the exchange went into maintenance mode with only “minor technical problems” mentioned on the website. 

Due to this change, several users were allegedly unable to finish their transactions, and their money remained on the site.

FixedFloat promised a speedy resumption of service and reassured users that technical work was underway, even in the absence of information regarding the extent of the exploit. Notably, FixedFloat’s prior engagement in preventing cryptocurrency theft is not the same as this instance. 

Cryptocurrency aficionados are waiting for details on security measures and possible effects on the exchange’s operations as the investigation into the FixedFloat attack progresses.

CoinCodeCap reached out to FixedFloat for comments about the hack. They shared the information with us; you can read about it here.

The exchange worked together to confiscate $200,000 worth of Ether that had been taken from the decentralized exchange Curve in August 2022.

In July 2023, roughly $47 million in losses resulted from the exploitation of several secure pools on Curve Finance that used Vyper. About 2,879 Ether, worth roughly $5.4 million, were retrieved from an exploiter by a white hat hacker and given back to Curve Finance that same day.

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