Hackers targeted the Decentralized Finance (DeFi) crypto exchange FixedFloat in a high-profile hack, stealing over $26 million in Bitcoin (BTC) and Ethereum (ETH) from the exchange. The incident was discovered through a report by researcher Officer's Notes, which revealed the details of the exploit.
FixedFloat affected by major crypto hack
According to the Officer's Notes, the hacker who carried out the attack drained 1700 ETH from FixedFloat before transferring the assets to an Ethereum address. In addition, the hacker stole around $21 million in Bitcoin.
Notably, the stolen ETH was mostly transmitted to eXchdotch, an online exchange that uses Thorchain and centralized mixing techniques to hide the source of the cash.
Furthermore, the hacker allegedly attempted to create a fake trail by transferring cash to two HitBTC addresses. So far, no direct link has been discovered between these addresses and the hacker's actions.
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FixedFloat responded to the situation by assuring users that their payments were unaffected by the attack. The exchange stressed that it does not provide a custodial service, which means it does not hold user funds.
The developers underlined that the service never requested the users' private keys. However, it is thought that the hacker obtained the private key needed to record a Monero (XMR) transaction.
The investigation into the attack is still ongoing, and the FixedFloat team has promised to share additional information when it becomes available.
FixFloat's lightning network integration
FixedFloat, founded in 2018, has emerged as a major participant in the cryptocurrency exchange market, particularly in the area of Lightning Network integration. The platform's automation features and Lightning Network connection provided a new way for users to perform transactions, resulting in faster speeds and lower fees.
As FixedFloat marked its fourth anniversary in 2022, it celebrated a number of important achievements. With over a million completed orders, the exchange had built a loyal user base of more than 1,000 consumers who transacted on a daily basis.
FixedFloat's success is based on its commitment to the Lightning Network. By exploiting this network, the exchange allows users to make transactions off of the main blockchain, resulting in much faster transaction speeds and lower fees.
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FixedFloat's non-custodial architecture sets it apart from many other exchanges. Users do not have to go through lengthy registration processes or know-your-customer (KYC) checks, resulting in a frictionless trading experience.
According to reports, the cryptocurrency community has responded positively to the platform's devotion to user privacy and autonomy, resulting in a dedicated user base that values decentralization.
