FixedFloat, a fully automated cryptocurrency exchange, has reportedly fallen victim to yet another security breach. Hackers successfully stole nearly $2.8 million worth of cryptocurrencies from hot wallets on the Ethereum chain, blaming access control issues on the platform. The hack reported by CybersAlerts has left the exchange’s users confused and wondering as they wait for the platform to be cleaned up.
Here’s what we know
According to the latest reports, funds stolen from FixedFloat’s hot wallet were suspiciously stolen in the form of Ethereum (ETH), Tether (USDT), Wrapped Ethereum (WETH), Dai (DAI), and USD Coin (USDC). Sent to address. The hackers further exchanged these funds for Ethereum on a decentralized exchange, which was then transferred to the eXch exchange.
After these hacker transactions, the compromised hot wallet stopped working and the company’s website was taken offline for maintenance, making users even more suspicious.
According to a blockchain security company pec shieldstablecoin issuer Tether has blocklisted 10 addresses involved in these withdrawals, effectively freezing approximately $400,000 worth of USDT tokens.
Fixed the float being hacked again in the same way
In another unfortunate turn of events, this was not the first security breach that FixedFloat had encountered. The access control issue is believed to have stemmed from the theft of his $26 million from the platform on February 16th.
The intrepid hacker managed to siphon off 1,728 ETH worth $4.85 million and an additional 409 BTC worth a staggering $21 million, ultimately causing total cryptocurrency losses of $26 million.
An investigation into the flow of funds revealed that the stolen assets were split between various addresses within the Bitcoin chain. Similarly, the Ethereum chain root had many addresses channeled to the eXch exchange. Experts predicted that the hacker may have used one of the exchange’s addresses to access the private keys.
Blame fixed float on third party
Following the discovery of the exploit, FixedFloat confirmed the legitimacy of the hack, confirming that the same hacker was responsible for both the February and the latest hack, which targeted an Ethereum hot wallet holding $2.8 million worth of coins. It became clear.
The team blamed the hackers for exploiting the vulnerability on the third-party service providers they use. They also highlighted the efforts being made to strengthen security infrastructure.
FixedFloat provided peace of mind to its customers by assuring them that only the service itself was affected by the financial loss and that the hackers had stolen funds to ensure the liquidity of the service. In this regard, the funds invested by users and the funds of the company were considered safe.
The investigation into this hacking incident is currently ongoing, and further details will be announced as the situation develops.