In a recent development, decentralized finance (DeFi) crypto exchange FixedFloat has been targeted by hackers in a high-profile hack, resulting in the theft of over $26 million worth of Bitcoin (BTC) and Ethereum (ETH) from the exchange. The incident came to light through a report by researcher Officer’s Notes, which uncovered the details of the exploit.
FixedFloat Hit By Major Crypto Hack
According to the Officer’s Notes, the hacker responsible for the attack drained 1700 ETH from FixedFloat, with the funds subsequently transferred to an address on the Ethereum network. Additionally, the hacker managed to siphon off approximately $21 million worth of BTC.
Notably, the stolen ETH was primarily sent to an online exchange called eXchdotch, which employs Thorchain and centralized mixing techniques to obfuscate the origin of the funds.
Furthermore, the hacker allegedly attempted to create a false trail by depositing funds into two HitBTC addresses. Still, so far, no concrete link has been established between these addresses and the hacker’s activities.
FixedFloat, in response to the incident, assured users that their funds were not affected by the hack. The exchange clarified that it does not function as a custodial service, meaning it does not store user funds.
The team emphasized that the service never requested users’ private keys. However, it is speculated that the hacker may have acquired the private key required to record a Monero (XMR) transaction.
The investigation into the hack is currently underway, and the FixedFloat team has pledged to release further information as it becomes available.
FixedFloat’s Lightning Network Integration
Founded in 2018, FixedFloat emerged as a prominent player in the world of cryptocurrency exchanges, particularly in the realm of Lightning Network integration. The platform’s automation capabilities and Lightning Network integration offered a new way for users to conduct transactions, providing accelerated speeds and reduced fees.
As FixedFloat commemorated its fourth anniversary in 2022, it celebrated a series of notable achievements. With over a million completed orders under its belt, the exchange had attracted a dedicated user base of more than 1,000 customers who engage in transactions daily.
The foundation of FixedFloat’s success lies in its commitment to the Lightning Network. By leveraging this network, the exchange enables users to perform transactions off the main blockchain, resulting in significantly faster transaction speeds and reduced fees.
One of the features of FixedFloat is its non-custodial design, which sets it apart from many other exchanges. Users are not required to go through cumbersome registration processes or know-your-customer (KYC) checks, providing them with a frictionless trading experience.
According to reports, this commitment to user privacy and autonomy has resonated with the cryptocurrency community, attracting a loyal user base that appreciates the platform’s commitment to decentralization.
Featured image from Shutterstock, chart from TradingView.com