After the attack, decentralized exchange (DEX) FixedFloat, which support the Bitcoin Lightning Network, has moved its services to maintenance mode.
On-chain data shows that decentralized crypto exchange (DEX) FixedFloat has recently faced an exploit of more than $26.1 million in Bitcoin and Ethereum. This incident reportedly took place over the last Sunday, February 18.
Since February 17, several users have raised complaints about frozen transactions and unaccounted funds on the exchange’s X platform. On-chain data reveals that the attacker siphoned off 409 Bitcoin (BTC) worth approximately $21 million and more than 1,728 Ether (ETH) valued at nearly $5 million on February 18.
Several hours after the incident was initially reported on X (formerly Twitter), the exchange team officially acknowledged the attack. Initially, they attributed the significant outflows to “minor technical issues” and promptly transitioned their services into maintenance mode. However, there’s no clear picture of how the perpetrator managed this attack. In a message on the X platform, FixedFloat noted:
“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 provide details on this case a little later.”
About FixedFloat DEX
FixedFloat operates as an automated crypto exchange, boasting a user-friendly interface that eliminates the need for user registration or Know Your Customer (KYC) verifications. It streamlines the process of exchanging cryptocurrencies among platforms.
Approximately 26% of FixedFloat’s web traffic originates from users in the United States, highlighting its global reach. Moreover, the exchange has seamlessly integrated with the Lightning Network, providing enhanced capabilities for Bitcoin transactions. In August 2022, FixedFloat played a pivotal role in recovering $200,000 worth of ether stolen from the decentralized exchange Curve, showcasing its commitment to cybersecurity and integrity in the crypto space.
Cybersecurity remains a paramount concern for crypto projects. Recently, the Solana ecosystem faced targeted attacks facilitated by scam-as-a-service marketplaces offering sophisticated drainers capable of executing bit-flip attacks.
In a concerning trend, Chainalysis has reported the resurgence of ransomware payments in 2023. Mostly, high-profile institutions and critical infrastructure are prime targets. Criminals have amassed a staggering $1 billion through supply chain attacks last year, ranging from individual actors to large syndicates, underscoring the urgent need for robust cybersecurity measures across the industry.
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