In a shocking turn of events, the fully automated crypto exchange, FixedFloat, found itself in the crosshairs of cyber criminals over the weekend. The malicious actors orchestrated a multi-million-dollar theft right under the nose of the exchange’s vigilant team. Bad actors swiftly began laundering the funds, thrusting the crypto platform into a state of emergency.
Fixed Float’s dedicated team, however, wasted no time in launching an intensive investigation and fortifying their defenses against future vulnerabilities.
Here’s what happened.
Sounding the Alarms
The first alarm bell rang when Officer CIA, an onchain investigator, promptly notified the crypto community about the breach. The audacious hacker successfully siphoned off 1728 ETH valued at $4.85 million and an additional 409 BTC valued at a staggering $21 million, culminating in a total crypto loss of $26 million. Not delaying a bit, he has already started transferring most of the stolen ETH to eXch on Ethereum.
Officer CIA revealed that the exploiter is using eXch, a centralized mixer employing thorswap. The goal? Confuse the transaction trail by framing innocent owners of addresses, a common tactic to avoid detection.
Twitter is Buzzing!
Users took to crypto Twitter, sharing grievances about transaction delays and issues. To add to the chaos, some reported suspicious interactions with Fixed Float’s support team, unknowingly communicating with the hacker. In a disturbing incident, a user was tricked into handing over private keys on the website.
Confirming the Damages
Fixed Float’s official statement confirmed the hack and the loss of funds. While the motive wasn’t disclosed, the team is working hard to shore up security, resulting in a temporary halt of all services.
This breach highlights the vulnerability of crypto platforms, even with security measures in place. Industry experts consistently emphasize storing unused crypto in cold wallets to prevent hacks on exchanges.
How Can You Stay Safe?
As the crypto community awaits a detailed investigation, user confidence may be shaken, but there’s hope Fixed Float will unveil a solid recovery plan soon. This incident serves as a reminder for the broader crypto industry to stay vigilant in the face of evolving threats.
In the aftermath of this cyber heist, Fixed Float’s resilience will be tested, urging the industry to adapt and fortify defenses against the ever-present danger of cyber attacks.
Also Read: Weekly Crypto Hack Update: Hackers Exploit Mixers, PlayDapp, and More
