- FixedFloat, a cryptocurrency exchange, experienced a second security breach resulting in a loss of $2.80 million.
- Suspicious transactions were detected by blockchain forensics firm Cyvers, involving the withdrawal of funds from FixedFloat’s hot wallet on the Ethereum blockchain, which were then swiftly converted and moved to a dubious address via a decentralized exchange (DEX).
- Blockchain forensics firm Cyvers sounded the alarm, revealing that suspicious transactions were detected, leading to the withdrawal of funds from FixedFloat’s hot wallet on the Ethereum (ETH) blockchain.
The cryptocurrency exchange FixedFloat has fallen victim to a second security breach, resulting in a loss of $2.8 million.
Another blow to the crypto world
FixedFloat’s incident, detected on April 2, involved the transfer of various digital assets, including ETH, USDT, WETH, DAI, and USDC, to a dubious address. Unfortunately, this security breach is not the first for FixedFloat. On February 16, the crypto exchange experienced a security compromise that led to a loss of $26 million.
The perpetrators of this latest breach wasted no time in converting the pilfered assets into ETH via a decentralized exchange (DEX) before funneling them into a platform ominously dubbed ‘eXch’.
Following these transactions, the compromised hot wallet ceased operations, and the company’s website was taken offline for maintenance.
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The constant security threat discomposes the users
FixedFloat acknowledged the breach, attributing it to the same adversaries responsible for the February incident. Despite assurances of enhanced security measures following the previous attack, FixedFloat found itself once again at the mercy of cybercriminals. The exchange attributed both breaches to the same assailants, citing their exploitation of vulnerabilities in third-party services.
Nevertheless, the fallout from this latest breach underscores the persistent threat faced by cryptocurrency exchanges, despite their purportedly robust security protocols. As industry players grapple with the evolving tactics of cybercriminals, questions loom over the efficacy of existing security frameworks in safeguarding digital assets.
In response to the breach, FixedFloat has launched a comprehensive investigation while pledging to bolster its security infrastructure to preempt future attacks. However, as users await further updates, the incident serves as a sobering reminder of the inherent risks inherent in navigating the volatile landscape of cryptocurrencies.
