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Home » FixedFloat Exchange Suffers $26M Exploit: Bitcoin, Ether Affected

FixedFloat Exchange Suffers $26M Exploit: Bitcoin, Ether Affected

Hania by Hania
February 19, 2024
in Bitcoin News, Crypto Exchanges, Ethereum News
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FixedFloat Exchange Suffers $26M Exploit: Bitcoin, Ether Affected
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Cryptocurrency exchange FixedFloat has acknowledged a significant breach resulting in the loss of at least $26 million worth of Bitcoin and Ether. The incident was confirmed by the exchange team shortly after initial reports surfaced on social media platform X (formerly Twitter).

Details of the Attack

FixedFloat disclosed the attack following numerous user complaints regarding frozen transactions and missing funds, prompting the exchange to switch to maintenance mode. On-chain data revealed that over 400 Bitcoin, valued at approximately $21 million, and more than 1,700 Ether, worth nearly $5 million, were siphoned off on February 18th.

Investigation and Response

While the exact method of the attack remains undisclosed, the exchange team is actively investigating the security breach. They have assured users that efforts are underway to address vulnerabilities, enhance security measures, and conduct a thorough investigation. However, specific details regarding the incident are yet to be made public.

FixedFloat Exchange Suffers $26M Exploit: Bitcoin, Ether Affected
Source: FixedFloat.com

FixedFloat Exchange Profile and Impact

It operates as an automated cryptocurrency exchange without requiring user registration or Know Your Customer (KYC) verification. Data from SEMrush indicates that approximately 26% of its web traffic originates from users in the United States. The platform also leverages the Lightning Network for Bitcoin transactions.

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Cybersecurity Challenges in the Crypto Space

On-chain cybersecurity continues to pose significant challenges for crypto projects. The incident involving FixedFloat underscores the persistent threats faced by exchanges and decentralized platforms alike. Similar to other ecosystems, such as Solana, which has encountered scam-as-a-service marketplaces offering malicious tools, the cryptocurrency sector remains a target for cybercriminals.

Also Read: Cryptocurrency Market’s $1.9 Billion Loss in 2023 Due to Sophisticated Attacks

Rising Trends in Cybercrime

Reports from Chainalysis highlight the resurgence of ransomware payments, with criminals increasingly targeting high-profile institutions and infrastructure. The past year witnessed a record $1 billion in criminal profits from supply chain attacks, perpetrated by various actors ranging from individual hackers to sophisticated criminal syndicates.

As the investigation into the exploit unfolds, users and stakeholders are eagerly awaiting further updates regarding the incident and the exchange’s response efforts.

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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