According to data on the blockchain, a decentralized cryptocurrency exchange called FixedFloat was hacked with at least $26 million worth of Bitcoin and Ether stolen. The exchange team confirmed the attack on February 18, just hours after it was first reported on X. The team initially attributed the major outages to “minor technical issues” and put their services into maintenance mode. Here are the details…
Hacking alarm in the cryptocurrency exchange
On February 17, users reported frozen transactions and missing funds on the exchange’s X page. Some users claimed that they sent Bitcoin or Ether to the exchange but did not receive the amount of cryptocurrency they wanted. Others said they tried to withdraw their funds from the exchange but the transactions got stuck or failed.
On-chain data shows that more than 400 Bitcoins (worth about $21 million) and more than 1,700 Ether (worth about $5 million) were drained from the exchange’s wallets on February 18. The hackers transferred the stolen funds to various addresses, some of which were associated with other crypto exchanges or mixers.
How did the attack happen?
There is no clear indication of how the attack was carried out. The exchange team is reportedly investigating the security incident and working to eliminate all possible vulnerabilities and improve security. In addition, the exchange’s website currently displays an error message on all pages. Thus, it prevents users from accessing the platform or contacting the support team. The team released a statement on X, saying:
We confirm that there has indeed been a hack and theft of funds. As we are working to eliminate, improve security, and investigate all possible vulnerabilities, we are not yet ready to comment publicly on this matter. Our service will be available again soon. We will reveal details about this case later.
There is no KYC requirement on the exchange
FixedFloat is an automated crypto exchange that does not require users to register or Know Your Customer (KYC) verifications. Users can exchange the likes of Bitcoin, Ether, Litecoin, and Monero with fast and low-fee transactions. cryptokoin.com As we reported, the exchange integrates with the Lightning Network for Bitcoin transactions, allowing users to send and receive Bitcoin instantly and cheaply.
Approximately 26% of the exchange’s web traffic comes from users in the United States, according to data from SEMrush. This is followed by Russia with 12%, India with 8% and Brazil with 6%.
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