Fixed Float, a decentralized crypto exchange specialized in cryptocurrency mixing services, lost over $26 million in Bitcoin (BTC) and Ethereum (ETH). The incident came to light following a crypto hack, resulting in loss of $26 million worth of BTC and ETH. Immediately, the hacker began to send away the stolen ethereum crypto, taking away much of the assets from the platform.
Crypto theft on Fixed Float took away 409 BTC and 1728 ETH. The worth of the whole theft was $21.17 million (BTC) and $4.85 million (ETH). As per reports, the ETH leftover by the hacker was transferred via Ethereum to an exchange by him. But, no information about the lost Bitcoin funds has been touched by the team, yet.
First reports came from X, and users expressed their concern as to frozen transactions and funds missing. In its early stage, however, Fixed Float denied the seriousness of the problem, only identifying them as minor bugs. When the event was confessed to be a hack of the platform and a theft of funds, Fixed Float also acknowledged it as such. Therefore upkeep mode was effectively implemented while investigations went on.
Fixed Float has not mentioned much about what is happening currently in regards to the investigation, however, the company’s aim is to remove vulnerabilities, improve security measures and to determine where the exploit comes from. While the exchange has pledged the users of an impending update, the site has been called a ‘scam’ by the users.
The attack came as a result of massive hack being the target of criticism.
Fixed Float Under Scrutiny After Massive Hack
Amongst the chaos, Fixed Float’s handling of the situation has been criticized by users who also point out that many users were allegedly asked to give up their private keys which has made them worry of possible security breach. This position of Fixed Float is supported by arguments regarding the need to provide an option of verification of Monero (XMR) transactions in the platform. Yet the platform’s nature remains under suspicion among the users who say it happened again after the major crypto heist.
Meanwhile, security researchers and industry observers have highlighted the impact of the incident, emphasizing the need for robust security measures within the cryptocurrency ecosystem. Officer’s Notes, a security researcher, pointed out the alleged hack of Fixed Float and underscored the importance of transparency and proactive communication from crypto exchanges in such situations.
Members of the crypto community continue remaining vigilant as the developments play out, waiting for additional news regarding the progress of the investigation and the steps taken by Fixed Float to avert the repercussions of hacking. The platform will have to go through this difficult situation where regaining the trust and confidence of users will be the most important thing to do if it is supposed to last longer in the future and remain relevant.
