FixedFloat, a cryptocurrency exchange built on the Bitcoin Lightning Network, has come under scrutiny after security firm CertiK flagged more than $3 million in suspicious transactions originating from the platform in the last 24 hours. Here are the details…
What’s going on at Bitcoin exchange FixedFloat?
According to CertiK, the funds, a mix of Ethereum (ETH) and Tether (USDT), were transferred to wallets on the Ethereum and Tron Blockchain, respectively. The security firm called this activity an “exploit” and hinted at a potential security breach on FixedFloat’s part. This situation raises alarm bells for FixedFloat users. It was reported that approximately $2 million of the lost funds were in a wallet linked to eXch, a similar incident occurred on February 16 of this year. In addition, another $100,000 in USDT was allegedly sent to a Binance wallet on the Tron network.
Adding to the concerns, FixedFloat’s website is currently unavailable, citing “technical work” as the reason for the outage. As of Tuesday afternoon European time, the exchange’s social media accounts remained silent about the suspicious withdrawals. Her last posts on any platform date back to March 31. As we reported as Kriptokoin.com, FixedFloat operates as a fully automated service that facilitates the buying and selling of cryptocurrencies and tokens. It leverages the Bitcoin Lightning Network, a layer-2 built on top of the main Bitcoin blockchain, to enable faster and cheaper transactions through micropayment channels.
Confirmation received from the support representative
While a FixedFloat support representative confirmed it was a technical error, he declined to comment on the suspicious transfers, according to CoinDesk. The representative said, “We experienced some minor technical issues and put our service into technical operating mode. “Recovery time is still unknown.” said. The exchange’s silence on the missing funds and delayed website maintenance raises questions about the nature of the technical error and its potential connection to suspicious activity.
This incident highlights ongoing security issues in the cryptocurrency world. Decentralized exchanges like FixedFloat often lack the robust security infrastructure of traditional financial institutions. This vulnerability makes them attractive targets for cybercriminals. FixedFloat users likely face significant uncertainty. Recovery of lost funds depends on the nature of the technical error and the exchange’s ability to detect and address possible security breaches. As the situation progresses, it is critical that FixedFloat communicates clearly and consistently with its user base. This incident serves as a reminder of the importance of robust security measures in the cryptocurrency environment.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.