FixedFloat, a prominent player in Decentralized Finance (DeFi), fell victim to a sophisticated hack, losing over $26 million in Bitcoin (BTC) and Ethereum (ETH) to cybercriminals. The breach, unearthed by cybersecurity researcher Officer’s Notes, underscores the vulnerability of crypto platforms despite advancements in security measures.
According to reports, the perpetrator siphoned 1700 ETH from FixedFloat before funneling the assets into an Ethereum address. Additionally, approximately $21 million worth of Bitcoin was pilfered. Notably, the stolen ETH was laundered through an exchange utilizing Thorchain and centralized mixing techniques to obfuscate the source of illicit funds.
🚨Hack Alert🚨
Yesterday, the crypto mixer and decentralized exchange FixedFloat became the victim of a major scam.
🔴Webacy's Risk Score flagged the Hackers address as a risk & threat to others.
The FixedFloat team addressed the issue after it was first reported by… pic.twitter.com/n90s6T6AHX
— Webacy (@mywebacy) February 19, 2024
In a bid to cover their tracks, the hacker allegedly initiated transactions to two HitBTC addresses, although no direct linkage has been established thus far. FixedFloat swiftly reassured its users that their funds remained intact, emphasizing its non-custodial approach and commitment to user privacy, which circumvents the need for onerous registration processes and Know Your Customer (KYC) checks.
Amid the ongoing investigation, FixedFloat remains steadfast in its dedication to transparency, pledging to share updates as they emerge. The exchange’s resilience, coupled with its innovative Lightning Network integration facilitating rapid transactions and minimal fees, highlights its pivotal role in the crypto ecosystem.
Founded in 2018, FixedFloat has steadily carved a niche in the market through its Lightning Network integration, offering users faster transaction speeds and lower fees. Celebrating its fourth anniversary in 2022, the exchange boasted over a million completed orders and a loyal user base exceeding 1,000 daily traders. Its commitment to user autonomy and privacy has garnered praise from the crypto community, solidifying its position as a beacon of decentralization amidst an ever-evolving landscape of digital assets.
