Non-Custodial Crypto Exchange FixedFloat Confirms $26 Million Hack
Over the weekend, FixedFloat, a popular non-custodial crypto exchange, fell victim to a hack resulting in the theft of $26 million worth of digital assets. The exchange operates by facilitating automated crypto exchanges, but unfortunately, this vulnerability was exploited by the attacker.
According to on-chain data, the stolen funds consisted of 1,728 ETH, valued at approximately $4.85 million, and 409 BTC worth $21 million. The attacker cleverly moved most of the stolen ETH funds to the Ethereum crypto mixer eXch, in an attempt to obscure the origins of the funds. Furthermore, the stolen 409 BTC were dispersed across multiple addresses, making it more difficult to trace.
In the wake of the incident, FixedFloat took to the social media platform X (formerly Twitter) to acknowledge the hack and address concerns from the crypto community. However, the team refrained from disclosing specific details about the hack or the exact amount stolen. In their statement, they emphasized that they were prioritizing the elimination of vulnerabilities, improving security, and conducting a thorough investigation before making any further comments.
As of press time, the exchange’s website has been switched to maintenance mode, displaying an error message to users. This action indicates that the team is actively working on resolving the issue and implementing necessary security measures.
FixedFloat is known for its support of the Bitcoin Lightning Network, a layer-two scaling solution that aims to enhance the speed and efficiency of Bitcoin transactions. On-chain investigators have discovered that a portion of the stolen funds, specifically 166.1 BTC, were sent to the Samourai Wallet, known for its use of Coinjoin transactions to obfuscate the trail of transactions.
This incident serves as a reminder of the ongoing challenges faced by the crypto industry in terms of security. It highlights the importance for all participants to remain vigilant and proactive in safeguarding their digital assets.
Analyst comment
Negative news: Non-Custodial Crypto Exchange FixedFloat has been hacked, resulting in the theft of $26 million worth of digital assets. The exchange is currently under maintenance mode, indicating they are resolving the issue and enhancing security. This incident exposes the ongoing security challenges faced by the crypto industry, emphasizing the need for participants to be proactive in safeguarding their assets.
