FixedFloat Crypto Exchange Exploited for $26M in BTC and ETH

FixedFloat’s ‘minor technical problem’ leaves a $26 million hole in the exchange’s balance sheet.

Secret man working on manipulating DeFi connections on a mobile.
Created by Kornelija Poderskytė from DailyCoin

Irrespective of the industry, scammers are always searching for their next victim to drain them out of their funds. FixedFloat, a leading decentralized crypto exchange with a US-centric user base, took a massive hit recently, which put it back millions of dollars.

FixedFloat’s ‘Minor Technical Problem’ 

FixedFloat, a decentralized crypto exchange, fell victim to an exploit that left a $26 million gap in its balance sheet, the exchange confirmed on Sunday. Initially, the team attributed the massive outflows to ‘minor technical problems’ and promptly shifted its services to maintenance mode. However, before the exchange could act, the hackers had already done their damage. 

Since February 17, numerous users have reported trouble with the exchange’s operations, including frozen transactions, missing funds, and more. Some users even revealed that FixedFloat’s support requested their private keys to ‘make sure the coins have been sent to their address.’ 

On-chain data showed that hackers siphoned off 409 bitcoins, valued at approximately $21 million, and over 1,700 ethers worth $5 million. While the method of attack remains uncertain, the exchange team is actively investigating the incident.

Sponsored

At press time, the exchange’s website displayed an error message on all its pages. 

How to Stay Safe

Most malicious actors rely on phishing crucial information from users to gain access. Such is the case with FixedFloat. 

Sponsored

Hacks are pretty common in the industry, so here are a few tips you can use:

  • Keep your wallet seed phrase private from everyone on the internet. 
  • Double-check links and websites. Look for links that are hypertext, check slugs, and inspect buttons. 
  • Check other social media channels to ensure the news is real. 
  • Verify and scan all addresses, such as contract, sender, and others, before doing anything permanent. 
  • Ask for help from officials, and prioritize your safety and security. 

On the Flipside

  • Crypto users lost a total of ​​$1.8 billion to hacks in 2023. 
  • Hackers recently used the hype surrounding decentralized exchange Uniswap’s upcoming upgrade to push a scam. 

Why This Matters

Over 26% of Fixed Floats traffic originates from the United States. Given the US’ complex regulatory landscape, the hack could cast a shadow on decentralized exchanges operating in the country.

Find out what SBF, Tether, and Bahamas have in common:
SBF, Tether, and Bahamas Bank, Accused of Secretly Colluding

Discover why FTX creditors are suiting its legal counsel:
FTX’s Primary Legal Counsel Hit With Class-Action Fraud Suit

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.