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Market

Fixed Float Robs The Curve Hack Of $200,000 In Ether

August 10, 2022 - Around 2 mins mins to read

Inter-chain trading Fixed Float claimed to have frozen 112 ether ($200,000) that had been taken through a front-end Curve decentralized exchange vulnerability.

Fixed Float Robs The Curve Hack Of $200,000 In Ether
Fixed Float Robs The Curve Hack Of $200,000 In Ether

On Tuesday, a Domain Name Service (DNS) spoof hacked the front end of Curve Finance. Users were redirected, and the culprit asked them to sign a harmful contract. According to security company CertiK, this hack seized $612,000 in stablecoins and converted them to ether (ETH).

After the theft, the assailant made an attempt to transfer the stolen money to Fixed Float in order to clean it up. This Lightning Network-based exchange, which allows for swaps between ether and bitcoin, is (largely) decentralized.

Fixed Float is not entirely decentralized

Fixed Float Robs The Curve Hack Of $200,000 In Ether
Fixed Float Robs The Curve Hack Of $200,000 In Ether

By using an atomic trade from Ethereum to the Lightning channel-based exchange, the attacker most likely intended to obscure their on-chain traceability. However, unlike what the hackers may have thought, Fixed Float is not entirely decentralized. Quick action allowed the DEX to take some of the assets.

“Our security department has frozen part of the funds in the amount of 112 ETH,” Fixed Float said on Twitter.

The majority of the time, hackers use Tornado Cash, a well-liked Ethereum mixer, to conceal all of the transactions of the stolen money. However, in this Curve vulnerability, hackers attempted to restrict the use of Tornado Cash by sending only a limited amount of the stolen ETH there. After the US Treasury approved the protocol and the associated Ethereum addresses, Tornado Cash has gained attention in recent days.

https://twitter.com/RyanWegner15/status/1557122516463734784

Lead security engineer at Polygon, Ryan Wegner, claims that the hacker sent 242 ETH to Fixed Float. Only about 26 ETH, or a little sum, were sent by the hacker to Tornado Cash. 23 more ETH were sent to the non-KYC cryptocurrency exchange Sideshift.

The Block contacted Fixed Float for comment, but they did not answer right away.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.