Scam Alert

FixedFloat Hack Causes $21 Million Loss In Bitcoin

Key Points:

The exchange lost 409 Bitcoins and 1728 Ethers in the FixedFloat hack, with funds dispersed to other exchanges.
FixedFloat admitted to technical issues, switching to maintenance mode and leaving users unable to complete transactions.
Concerns arise over FixedFloat’s security measures and operational stability following the breach.

FixedFloat, a non-custodial cryptocurrency exchange known for its support for the Bitcoin Lightning Network, fell victim to a significant hack, losing approximately 409 Bitcoins (approximately $21.17 million) and 1728 Ethers (approximately $4.85 million).

FixedFloat Hack Causes $21 Million Loss In Bitcoin 2

FixedFloat Hack Causes Loss of 409 Bitcoins and 1728 Ethers

The attacker of the FixedFloat hack, identified by the Ethereum network address 0x85c4, dispersed the stolen Ethers across various addresses before transferring them to the exchange. Similarly, using the address 0bc1q on the Bitcoin network, the same attacker spread the pilfered Bitcoins across multiple addresses without further action.

Acknowledging the FixedFloat hack, the exchange announced it would disclose further details on the incident later. However, the exchange’s website merely cited “minor technical problems,” prompting a switch to maintenance mode. This move left some users unable to complete transactions, with funds reportedly stuck within the platform.

Security Concerns Mount as Users Struggle with Transaction Disruptions

Despite the lack of confirmation on the exploit’s scope, FixedFloat assured users that technical work was ongoing, promising a prompt return to service. Notably, this incident marks a deviation from FixedFloat’s previous involvement in combating cryptocurrency theft. In August 2022, the exchange collaborated in seizing $200,000 worth of Ether stolen from the decentralized exchange Curve.

As the investigation into the FixedFloat hack unfolds, cryptocurrency enthusiasts await updates on the security measures and the potential impact on the exchange’s operations.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.