FixedFloat Exchange Loses $26 Million Worth of Crypto as Hackers Drain Funds
Hackers have caused major disruption for the automated cryptocurrency exchange, Fixed Float, by stealing millions of dollars worth of assets right under their noses. The team has acknowledged the hack and is now working hard to investigate and address any vulnerabilities. In the meantime, the hackers have already begun laundering the stolen funds through various exchanges.
Officer CIA, an investigator on the blockchain, was the first to inform the crypto community about the hack. The hacker managed to steal 1728 ETH worth $4.85 million and 409 BTC worth $21 million, resulting in a total loss of $26 million. Without wasting any time, the hacker has already started transferring most of the stolen ETH to an exchange called eXch on the Ethereum network.
Further details revealed by Officer CIA indicate that the hacker is using eXch, a centralized mixer that utilizes thorswap. It appears that the hacker is attempting to confuse the transaction trail by implicating innocent owners of specific addresses. This tactic is commonly employed by hackers to avoid detection.
Many users took to Twitter to express their frustration with delayed and incomplete transactions. Unfortunately, Fixed Float itself was hacked just a few hours later. One user was even approached by the support team of Fixed Float and asked for their private keys on the website, unknowingly communicating with the hacker.
In response, the Fixed Float team has officially confirmed the hack and the theft of funds. Although they have not disclosed the exact cause of the exploit, the team is currently focused on eliminating all vulnerabilities and ensuring robust security. Consequently, all services have been temporarily halted.
In conclusion, this incident serves as a reminder to not leave your cryptocurrency on exchanges. Despite implementing various security measures, crypto platforms are still susceptible to hacks like these, which put user assets at significant risk. Experts in the crypto industry have consistently emphasized the importance of storing unused crypto in cold wallets to prevent hacking on exchanges. The crypto community eagerly awaits the results of the investigation to understand the reasons behind the theft and compromise of keys. While the hack has dampened user sentiment, it is reasonable to expect the team to soon release a recovery plan.
Tags: Hack