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FixedFloat crypto exchange allegedly targeted in $26 million hack

Automatic decentralized crypto exchange FixedFloat experienced a significant security breach, resulting in the loss of millions in Bitcoin and Ethereum.

On February 18, the FixedFloat team addressed the hack after it was disclosed by blockchain researcher @reprove in an X post. While the exact details of the breach remain undisclosed, the developers downplayed it as a “minor problem.” However, they confirmed a loss of at least 1,700 Ethereum (ETH), valued at approximately $4.7 million.

Speculation has arisen regarding the possible involvement of FixedFloat developers in the theft, with some suggesting insider collusion. @reprove hinted at this possibility, suggesting a developer may have absconded with the stolen funds. However, FixedFloat has not provided further updates beyond their initial acknowledgment of the incident.

According to analysts at blockchain security firm CertiK, the stolen funds may exceed initial estimates, with the hacker also siphoning off over $21 million in Bitcoin (BTC). CertiK reports that the pilfered Ethereum funds have already been transferred through eXch, a smart contract for token swaps.

Additionally, a portion of the stolen Bitcoin funds has purportedly been routed to Samourai Wallet for CoinJoin transactions, a method of mixing funds by combining payments from different sources into a single transaction.

Founded in 2019, FixedFloat serves as a non-custodial cryptocurrency exchange that supports Ethereum and Bitcoin transactions, including those conducted via the Lightning Network. Notably, recent findings by analysts at Forta Network revealed that FixedFloat had a significant role in financing over 23% of flash loan attacks, highlighting the platform’s growing influence within the crypto space.

The security breach at FixedFloat underscores the ongoing challenges faced by decentralized exchanges in ensuring the safety of user funds. As the crypto landscape continues to evolve, incidents like these serve as a reminder of the importance of robust security measures and diligent oversight to protect against malicious actors.

It is imperative for users to exercise caution when using decentralized platforms and to conduct thorough due diligence before entrusting their assets to any exchange. As the investigation into the FixedFloat breach unfolds, stakeholders in the crypto community will be closely monitoring developments and seeking reassurance of improved safeguards to prevent similar incidents in the future.

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