Crypto Exchange FixedFloat Suffers Second Security Breach With $2.80 Million Lost

  beincrypto.com 3 h

The cryptocurrency exchange FixedFloat has fallen victim to a second security breach, resulting in a loss of $2.80 million.

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.

Crypto Exchange FixedFloat Hacked

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. The malicious actors swiftly converted these assets into ETH through a decentralized exchange (DEX) before moving the entirety to eXch.

Following these transactions, the compromised hot wallet ceased operations, and the company’s website was taken offline for maintenance.

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 security breach at FixedFloat suggests an access control issue, similar to a previous hack on February 16. In both incidents, unauthorized access to the hot wallet led to the withdrawal of significant funds. Notably, blacklisted tokens like USDT and USDC were swiftly swapped to avoid being frozen, while DAI was directly deposited to eXch without conversion. This pattern indicates a targeted exploitation of vulnerabilities within the system’s access controls,” analysts at Cyvers told BeInCrypto.