FixedFloat hit by a $26 million crypto heist

FixedFloat Exchange, a crypto exchange, has been hacked and claimed to have lost bitcoin and ether worth $26.1 million, as per an analysis of the on-chain data. As a result of this concerning decline in activity, the exchange is presently closed for maintenance purposes; the future of its operations is currently unknown. Regarding this, the cryptocurrency community is the most uncertain.

The breach was discovered on the blockchain when 409 bitcoins, valued at $21.17 million, were moved to an unknown address. There was also a mirrored incident on the Ethereum network, this time involving the transfer of 1,728 ether worth $4.85 million to a new address. Such transactions immediately raised concerns about FixedFloat’s security safeguards and the consequences for its users.

FixedFloat responded to the situation by communicating via the X, stating that the service disruption was caused by “minor technical problems” and that the function had been placed in maintenance mode. Despite this declaration, the exchange has remained tight-lipped about the situation, refusing to provide a detailed explanation or reveal the real scope of the exploit. The official website remains silent, merely stating that technical work is now underway and that they will be back soon.

FixedFloat, a non-custodial exchange, facilitates automated cryptocurrency exchanges and focuses on supporting Bitcoin Lightning Network technologies. This strategy, while unique, emphasizes the requirement of strong security systems to protect user cash from such malicious acts. This is especially concerning given FixedFloat’s previous achievement in reclaiming $200,000 ether stolen from Curve, a decentralized exchange, in August 2022, demonstrating its ability to address security issues.

Attempts to communicate with the exchange regarding additional remarks have proven futile due to the appearance of an inoperable contact system on its website. Many cryptocurrency community members are concerned that the breach will have severe repercussions for the dependability and security of cryptocurrency exchanges due to the communication divide. The situation is progressively becoming more stringent with regard to transparency and assurances that steps will be implemented to enhance security and inspire user confidence.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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