FixedFloat Exchange Hit by Multi-Million Dollar Hack
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FixedFloat Exchange Hit by Multi-Million Dollar Hack
FixedFloat exchange hacked, $26.7M loss; suspicions of insider involvement emerge.
Hackers stole several million dollars from the decentralized cryptocurrency market FixedFloat, putting the cryptocurrency community on edge.
According to a statement released on Feb. 18, the FixedFloat team admitted the breach. Blockchain researcher @reprove first brought it to light on X.
, @FixedFloat just got exploited/the developer ran away with 1700 ETH yesterday, and the team is calling it "some minor technical problem" — crazy
Drainer address: 0x85c4fF99bF0eCb24e02921b0D4b5d336523Fa085 pic.twitter.com/EOS7faWUyP
— 0xJosh (@reprove) February 18, 2024
FixedFloat Exchange Hack Raises Suspicions
The hackers’ intentions are still unknown, as the FixedFloat developers only described the issue as a “minor problem” in their first reaction. However, the community is still processing the news that the exchange has lost at least 1,700 Ethereum (ETH), about $4.7 million at the time of the report.
FixedFloat workers may have been involved in the hack, and it’s possible that someone inside the company planned the breach. @reprove tipped this off, suggesting a developer may have run away with the stolen crypto. Even though suspicions are growing, FixedFloat has not made any more statements or given any updates since their original disclosure.
On 16 Feb @FixedFloat was exploited leading to a loss of ~$26m
~$4.8m on Ethereum and ~$21.1m on BTC
Funds on Ethereum have been transferred through eXch pic.twitter.com/ShKFSGmcWG
— CertiK Alert (@CertiKAlert) February 18, 2024
Scientists at the blockchain security company CertiK state the hacker stole more than $21 million worth of Bitcoin (BTC) and Ethereum, which suggests that the attack was bigger than first thought. CertiK says the stolen Ethereum funds have already been sent through eXch, a smart contract to trade coins.
On 16 Feb @FixedFloat was exploited leading to a loss of ~$26m
~$4.8m on Ethereum and ~$21.1m on BTC
Funds on Ethereum have been transferred through eXch pic.twitter.com/ShKFSGmcWG
— CertiK Alert (@CertiKAlert) February 18, 2024
Some stolen Bitcoin funds have been sent to the Samourai Wallet using CoinJoin transactions, which makes things even more complicated. CoinJoin transactions hide the flow of funds by joining several payments from different sources into a single transaction.
Part of the stolen funds(166.1 BTC) on Bitcoin were sent to Samourai Wallet to use Coinjoin transactions. pic.twitter.com/pro8m9WNXg
— Evgenii| BLIN Analytics (@CryptoEvgen) February 18, 2024
FixedFloat is a cryptocurrency exchange started in 2019 and does not hold onto your coins. It supports transfers for Ethereum and Bitcoin, including those done through the Lightning Network. Analysts from Forta Network found that FixedFloat had helped fund more than 23% of flash loan attacks earlier this month. This shows how important the platform is becoming in the crypto environment.
Hackers need to fund their accounts with gas, but where do they get the funds?
A year ago the answer might have been exclusively Tornado Cash, but now things have changed a bit
— Forta (@FortaNetwork) February 6, 2024
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