FixedFloat Decentralized Exchange Exploited For $26M In Bitcoin (BTC) And Ethereum (ETH)

FixedFloat decentralized exchange fell victim to a hack, losing at least $26 million worth of Bitcoin (BTC) and Ethereum (ETH). 

The attack was initially reported on X, and saw FixedFloat attribute massive outflows to technical issues before switching to maintenance mode. 

Looks like @FixedFloat just got exploited for 1700 ETH!

Drainer address: 0x85c4fF99bF0eCb24e02921b0D4b5d336523Fa085

Info by: @reprove pic.twitter.com/XHnHy3CFSs

— Officer’s Notes (@officer_cia) February 18, 2024

FixedFloat has not officially confirmed the exploit, however the exchange stated in response:

“We confirm that there was indeed a hack and theft of funds. We are not yet ready to make public comments on this matter, as we are working to eliminate all possible vulnerabilities, improve security, and investigate. Our service will be available again soon.”

Hello,

We confirm that there was indeed a hack and theft of funds. We are not yet ready to make public comments on this matter, as we are working to eliminate all possible vulnerabilities, improve security, and investigate. Our service will be available again soon.

We will…

— FixedFloat⚡️ (@FixedFloat) February 18, 2024

The website is under maintenance and is not accessible. User reports emerged on February 17 detailing frozen transactions and missing funds. 

Data analysis revealed over $21 million in Bitcoin and nearly $5 million in Ether drained on February 18.

See Also: Crypto Gaming Platform PlayDapp Lost $290 Million Worth Of PLA Tokens In Two Hack Exploits

While the attack method remains unclear, the exchange team confirmed the incident and promised further details after completing an investigation and ensuring security improvements. 

The exchange website currently displays an error message across all pages.

Operating as an automated crypto exchange without user registration or KYC verification, FixedFloat attracted primarily US-based users and offered Bitcoin transactions via the Lightning Network. 

This lack of centralized control and anonymity, though appealing to some, can heighten vulnerability.

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