Ethereum

2024

Read

Crypto exchange FixedFloat clarified that the recent hack wasn’t carried out by its employees rather, it was an external attack.&nbsp; 
We reached out to the exchange for a detailed explanation of the <a href="https://twitter.com/CyversAlerts/status/1759246219186942463" target="_blank" rel="noopener">hack</a>, and the FixedFloat team clarified that it was caused by vulnerabilities and insufficient protection in its security structure. The attacker was able to bypass its defenses and gain access to some of its core service functions. 
<a href="https://twitter.com/FixedFloat/status/1759530635129966813" target="_blank" rel="noopener">FixedFloat</a> also emphasized that no user funds were impacted, as it’s a non-custodial exchange, and the impacted funds were its own assets. However, the hack has impacted the exchange’s ability to payout 30 outstanding orders.&nbsp;The team has promised to make these payments immediately after services are resumed.&nbsp; 
 You might also like: <a href="https://crypto.news/wld-skyrockets-by-180-in-week-surpassing-1m-daily-active-users/"> WLD skyrockets by 180% in week, surpassing 1m daily active users </a> 
The hack took place yesterday, where approximately $26 million was drained from the platform’s BTC and ETH wallet. Initially, several users and analysts on social media <a href="https://crypto.news/crypto-exchange-fixedfloat-reportedly-suffers-26m-hacker-attack/">claimed</a> that FixedFloat developers were behind this incident and it was a potential rug-pull. However, the exchange denied any claims of internal involvement in its comment to crypto.news. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The losses on Ethereum $4.8M, funds deposited to eXch. FixedFloat Wallet: 0x4E5B2e1dc63F6b91cb6Cd759936495434C7e972F Attacker Wallet: 0x85c4fF99bF0eCb24e02921b0D4b5d336523Fa085— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1759246219186942463?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 18, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
FixedFloat was heavily criticized yesterday for not reporting the hack immediately. The team acknowledged the delay but said that its main focus was eliminating the vulnerabilities and minimizing the loss, and that publicly reporting the incident immediately would’ve made other threat actors aware of the security flaw.&nbsp; 
The platform is expecting its full-fledged operations to resume in the coming days, and is expected to release a full report after the ongoing investigation has concluded.&nbsp; 
 Read more: <a href="https://crypto.news/ripple-eyes-crypto-custody-expansion-announces-job-vacancy-at-metaco/"> Ripple eyes crypto custody expansion, announces job vacancy at Metaco </a>

FixedFloat denies internal role in $26m hack, vows to pay pending orders

crypto.news

Other articles published on Feb 19, 2024

Shadow Wizard Money Gang: What is GANG Token? Is It Worth Buying?

Beoble Web3 Social Platform Attracts $7 Million in New Investment

FxBox - Crypto GameFi & DeFi with Forex Trading

Emojis can predict better crypto trading outcomes, according to scientists

AI Coins Market Cap Poised for $1 Trillion Leap by Cycle’s End

Solana’s Price Predictions and Market Recovery

Join our free newsletter for daily crypto updates!